Taxation

IRS Issues Guidance on the Treatment of Business Meal Expenses Under TCJA

2019-03-19

By Blake D. Lewis

Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers were able to deduct fifty percent of the cost of meal expenses and entertainment expenses provided certain requirements were met. As a result of the TCJA, entertainment expenses are no longer deductible.  The issue presented for taxpayers has now become whether the provision of food and beverages might constitute entertainment.

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Tax Saving Opportunities: Taking Advantage of the 2017 Tax Law

2019-02-18

By: E. Conner McNair
Published in Northwest Arkansas Business Journal 

For most taxpayers, the 2017 Tax Cuts and Jobs Act (TCJA) should provide a welcome reduction to their tax bills. Taxpayers should see the act’s immediate impact on their tax bills as they work to finalize and file their 2018 tax returns.

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IRS Issues Section 199A Safe Harbor for Rental Real Estate

2019-01-21

By Blake D. Lewis 

Last Friday, the IRS issued a proposed revenue procedure that provides a safe harbor for rental real estate enterprises to be treated as a "trade or business" for purposes of section 199A.

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The New Year Means It's Time To Update Your Partnership Agreements

2019-01-03

By Blake D. Lewis

Well, 2019 is finally here, which means the time has come to update your partnership agreements to address the new partnership tax audit rules that were passed as part of the Bipartisan Budget Act of 2015. These new rules will replace the Tax Equity and Fiscal Responsibility Act of 1982 (TEFFA) and are effective for tax years beginning after December 31, 2017.

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Attorneys Participate in Tax Event for Ark Society of CPAs

2018-12-18

Attorneys Robert T. Smith and Blake D. Lewis presented at the Arkansas Society of CPA’s 57th Annual Arkansas Federal Tax Institute. Additionally, Blake served as co-chair to the two-day event. Robert spoke about reasonable compensation and Blake’s presentation focused on the centralized partnership audit regime.

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