MF, Author at Philadelphia CPA
6
archive,author,author-mf,author-6,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-,wpb-js-composer js-comp-ver-5.1.1,vc_responsive
 

Author: MF

The Tax Cuts and Jobs Act (TCJA) includes several changes that affect Partnerships and their partners, and LLCs that are treated as partnerships for tax purposes and their members. Most of the changes are good news. Here are some highlights: Technical Termination Rule Repealed (Good) Under prior...

Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, you are in what former presidential candidate Ross Perot called deep doo-doo. Think about it. If you don’t have...

 The 20 percent tax deduction under new 2018 tax code Section 199A is a very nice tax break for business owners, except for owners with high income who also fall into the out-of-favor group. In general, the out-of-favor group includes lawyers, doctors, accountants, tax professionals, consultants,...

The new and improved Section 179 deduction gives you more ways to take advantage of immediate tax deductions. It’s somewhat like having a flexible tax shelter in your back pocket for when you need it (and also need the property, of course). As in years past,...

The Affordable Care Act (ACA) does not apply to a business that has only one employee. This opens the door (likely regardless of what lawmakers do with the ACA) for what we are going to call the 105-HRA. We created this name from its two predecessors: ...

You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs that contain the basic facts from the Andrews case. For six months of the year, from May through October, Edward Andrews lived in Lynnfield,...

 You hate IRS penalties; everyone does. I may have explained that I have the IRS’s first-time abatement procedure, which is a valuable tool to defeat IRS penalties. The IRS recently clarified that first-time abatement is truly “first-time”: It applies to only one tax period per taxpayer per...

 Here’s the updated strategy: deduct your client and business meals as if tax reform never took place. Wow. Is this aggressive? Not if the IRS comes out with regulations that follow a model set by the American Institute of CPAs, or the Joint Committee on Taxation...