UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.
In this issue, you will learn about the broadening impact of the Tax Cuts and Jobs Act, passive activity loss, material participation, Roth IRAs, and business meal and entertainment expenses.

In This Issue:

The Good, the Bad, and the Ugly: A Tax Cuts and Jobs Act Update

Last week, the IRS released a 184-page document which provides guidance in computing qualified business income deductions. In this article, we’ve summarized the key points regarding the qualified business income deduction and included a summary of other changes contained within the Tax Cuts and Jobs Act. Read More

TCJA Impacts Business Meal and Entertainment Expenses

The Tax Cuts and Jobs Act, which passed in December 2017, has made several changes to the deductibility of business meal and entertainment expenses. This article outlines changes that require modifications to accounting for these expenses to assist in determining the proper tax deduction. Read More

Don’t Give Up on Giving

Does a higher standard deduction mean you’ll no longer benefit from charitable contributions? Not necessarily. In this article you’ll learn about creative solutions that can make the most out of your charitable contributions. Read More

Take Note of Distinctive Features of Roth IRAs

For some people, Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs. However, it’s important to make the right choice. This article discusses the distinctive features of Roth IRAs. A sidebar notifies readers of an important rule change regarding Roth IRAs under the Tax Cuts and Jobs Act. Read More

LLC and LLP Owners Should Befriend the PAL Rules

The IRS has treated owners of LLCs and LLPs as limited partners for purposes of the passive activity loss rules. This could be a tax negative. As this article explains, however, LLC and LLP owners can now be treated as general partners, which means they can meet any one of seven “material participation” tests to avoid passive treatment. Read More