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Showing 5 posts from 2019.

IRS Finalizes 199A Safe Harbor for Rental Property

House on PaperThe IRS recently issued Revenue Procedure 2019-38, which finalizes the safe harbor for rental property under Code Section 199A that was originally provided in IRS Notice 2019-07. The safe harbor treats a rental real estate enterprise as being eligible for the qualified business income deduction under Section 199A, even if it does not meet the definition of a “trade or business” as provided in Treas. Reg. 1.199-1(b)(14).  Read More ›

Categories: Property Tax, Tax

Responding to a Michigan Department of Treasury Notice Regarding a Tax Liability or Refund Adjustment

People Talking with LaptopThere are several ways to respond to a notice from the Michigan Department of Treasury (“Treasury”) regarding an outstanding tax liability or refund adjustment. The options available to individuals and businesses generally include the following:

1. offer in compromise;
2. informal conference and appeals; and
3. alternative dispute resolution. Read More ›

Categories: Tax, Tax Disputes

Tax Court Permits Examination of Predeceased Spouse for Purposes of DSUE Adjustment

The concept of “portability” was introduced into the Internal Revenue Code (“IRC”) pursuant to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Portability allows a surviving spouse to apply an unused portion of a deceased spouse’s estate tax exclusion amount to his or her own estate tax liability.  Read More ›

Categories: Estate Planning, Tax, Tax Disputes

Tax Consequences of Divorce: Major Changes Effective in 2019

This is the first in a two-part series about the consequences of divorce under the Tax Cuts and Jobs Act of 2017. The first part addresses alimony, child support, and child-related credits. The second part will discuss dividing assets, the marital home, and retirement assets. Read More ›

Categories: Tax, Tax Disputes

S Elections for ESOP Companies

Many mature, Employee Stock Ownership Plan (ESOP)-owned companies consider making an S-election, and for good reason.  An S Corporation owned 100% by an ESOP generally pays no federal income taxes.  An S Election instantly boosts cash flow, which the company can use to fund growth opportunities or fund its annual ESOP repurchase obligations.  Read More ›

Categories: Tax