New Deduction for Business Owners

New Deduction for Business Owners

One of the more complex changes from the Tax Cuts and Jobs Act is the ability to reduce taxable individual income for those who receive income from a pass-through business entity such as a sole proprietorship, partnership, S corporation or trust/estate. Recipients of...
Like-Kind Exchanges Now Limited to Real Property

Like-Kind Exchanges Now Limited to Real Property

The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and...