Lanigan, Ryan, Malcolm & Doyle, P.C.
Reading Time: 2 minutes The Opportunity Zone Program was established as part of the 2018 Tax Cuts and Jobs Act to encourage economic growth and investment in designated low-income and distressed communities. Qualified opportunity zones cover zip codes or other geographic areas determined by each state. Investments made within these areas qualify for certain significant tax breaks.
Reading Time: 4 minutes In late 2017, Congress introduced the Tax Cuts and Jobs Act (TCJA), which affects 2018 taxes. According to Section 199A of the TCJA, some owners of pass-through entities could be eligible for a substantial deduction of up to 20 percent of their taxable income. Here, we will cover the new deduction, as well.
Reading Time: 3 minutes For many businesses, dinners with clients or entertaining prospects on golf courses or sporting events are normal business practices, and in certain cases even necessary. However, beginning in 2018, business leaders should be aware of some key changes to the deductibility of business meals and entertainment expenses as a result of the Tax.
Reading Time: 2 minutes People often worry about how they’ll afford college for their children and grandchildren, but education costs start much earlier than adulthood. While every state offers free public education for all children, some parents choose private schools instead and the average cost of tuition for private schools can soar to over $10,000 a year..
Reading Time: 3 minutes In June 2018, the U.S. Supreme Court made a significant decision regarding sales taxes and online businesses. The ruling in South Dakota v. Wayfair affirmed that a state can now collect taxes from an internet retailer even if the company lacks a physical presence there. What the Supreme Court made clear, however,.
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