Gift and Estate Taxes Are Changing

As many of you may already know, there was a significant increase in the lifetime exclusion for Estate and Gift taxes. Lets break it down.

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Topics: gift tax, estate tax, TCJA, Tax

Year-End Tax Planning Moves

Posted by lgtcpa on Oct 15, 2018

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

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Topics: Tax, accounting, TCJA, consulting, IRS, Financial, Accounting Tips

New Law Increases Holding Period for Carried Interests

Posted by Cory Caddell, Tax Services Manager on Sep 24, 2018

On the campaign trail, President Trump pledged that tax reform under his leadership would target carried interests — more widely known in the real estate industry as the “promote” in partnership agreements or operating agreements for limited liability companies (LLCs) that are treated as partnerships for tax purposes. In the end, the Tax Cuts and Jobs Act (TCJA) only modifies the rules for carried interests, largely preserving their favorable tax treatment, rather than eliminating that treatment.

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Topics: Real Estate, TCJA, accounting, IRS, Accounting Tips

Changing the Rules: The TCJA and how it effects UBI

Posted by Jules DeWitt, CPA, ACS Supervising Senior on Aug 29, 2018

As the Tax Cuts and Jobs Act (TCJA) made its way through Congress, many nonprofits understandably focused on the provisions likely to affect charitable giving. But the law also contains some significant requirements affecting unrelated business income (UBI). If you engage in “unrelated business” — and even if you don’t — you could find that your unrelated business income tax (UBIT) liability increases under the new law.

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Topics: accounting, Accounting Tips, TCJA, UBI, Not-for-Profit