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Iryna Stepanchuk, CPA
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When you get married, you usually vow to cherish and love your spouse until death you part, but nowhere do you say that you must share your federal income tax liability.

Fortunately, when circumstances permit, you may be able to avoid the obligation caused by a tax-cheating spouse, as evidenced by a new case, Jacobsen, TC Memo 2018-115, 7/25/18.
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The IRS issued proposed regulations on Wednesday regarding the qualified trade or business income deduction under Sec. 199A, which was enacted by P.L. 115-97, the law known as the Tax Cuts and Jobs Act (TCJA) (REG-107892-18). At the same time, it issued Notice 2018-64, which provides guidance on how to compute W-2 wages for purposes of the deduction, along with FAQs. The proposed rules include a way that taxpayers can group or aggregate separate trades or businesses and an anti-abuse rule designed to prevent taxpayers from separating out parts of an otherwise disqualified business in an attempt to qualify those separated parts for the Sec. 199A deduction.
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If you are considering a divorce, you should be aware of a few important changes that will take effect January 1, 2019. One of the most significant ones is that alimony will no longer be deductible by the alimony payer or taxable to alimony recipient.

#taxlaw #taxes #divorce #alimony
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The Treasury Department and the IRS have announced that they intend to regulate three recent tax-law changes that affect 529 education savings plans.

Notice 2018-58, Guidance on Recontributions, Rollovers and Qualified Higher Education Expenses Under Section 529, the Treasury Department and the IRS have announced that they will issue three regulations that clarify the special rules for contributions of refunded qualified higher education expenses to a qualified tuition program under Section 529(c)(3)(D), the new rules under 529(c)(3)(C)(i)(lll) permitting a rollover from a qualified tuition program to an ABLE account under Section 529(A); and the new rules under Section 529(c)(7) treating certain elementary or secondary school expenses as qualified higher education expenses.
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According to The New York Times, the rate of people 65 and older filing for bankruptcy is three times what it was in 1991. One of the reasons for this increase is that individuals are bearing more responsibility for their retirement savings and out-of-pocket medical costs. Proper financial plan that is established as early as possible in the individual's life will prevent bankruptcy and ensure financial stability and retirement free of money worries. Don't wait until it is too late, schedule an appointment with us to go over your financial plan or to establish one.
#bankruptcy #retirement #money #savings #medicalcosts #cpa #finances #spending
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The states of New York, Connecticut, Maryland, and New Jersey have sued the U.S. government in federal court, seeking declaratory and injunctive relief to invalidate the $10,000 limit on state and local tax deductions that was enacted as part of P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA) (New York v. Mnuchin, No. 18-cv-6427 (S.D.N.Y. 7/17/18) (complaint for declaratory and injunctive relief)).
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The Tax Cuts and Jobs Act was signed into law on December 22, 2017 and represents the most extensive tax reform legislation we’ve seen in 30 years. These sweeping tax law changes impact many taxpayers, including individuals, businesses, estates and trusts. The following article discusses changes pertaining to the meals and entertainment deduction for businesses. Tax professionals can consider sharing these important measures with their clients and prospects by way of newsletters, social media or face to face tax planning sessions.
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While the Tax Cuts and Jobs Act, enacted at the end of 2017, promises on the whole good news for taxpayers for 2018, tax planning to take maximum advantage of those provisions has been difficult due to continuing uncertainties as to how to interpret various provisions of the tax reform legislation.

The Internal Revenue Service has yet to issue any proposed regulations on the subject, instead issuing a series of notices, information releases and frequently asked questions telegraphing what that guidance is likely to say on certain key points when it is eventually issued. Congress has also not been quick to follow up on the enacted legislation with technical corrections or with its promised Tax Reform II effort.
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When talking with home sellers, I’ve long ceased being surprised by how many routinely overlook or fail to take maximum advantage of a valuable tax break: the exclusion when unloading their principal residence.

The law caps the exclusion—meaning you pay no taxes—at $500,000 for married couples filing jointly. The exclusion drops to $250,000 for singles and married couples filing separate returns.
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Now that the rush of tax season is in our rearview mirrors, and we’ve had an opportunity to see the morning sun after a good night’s rest, it is time to start considering how we are going to tackle those extended returns where our clients utilized cryptocurrency in their small businesses. More and more businesses are accepting cryptocurrency as a form of payment. Additionally, new businesses are forming around the world of cryptocurrency such as bitcoin kiosks businesses and cryptocurrency bill paying services.
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