Taxation

FEMA Declares Emergency for Parts of Ark - Taxpayers May Be Eligible to Claim Casualty Losses of 2018/19 Tax Returns

2019-06-03

As a result of severe flooding in many parts of Arkansas, the Federal Emergency Management Agency declared last Thursday that an emergency exists in Arkansas, Chicot, Conway, Crawford, Desha, Faulkner, Jefferson, Johnson, Lincoln, Logan, Perry, Pope, Pulaski, Sebastian, and Yell Counties. This means that taxpayers are now eligible under Internal Revenue Code Section 165(i) to claim casualty losses on either their 2018 or 2019 tax returns for losses incurred as a result of the emergency.

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Chambers USA Releases 2019 Rankings

2019-05-07

Friday, Eldredge & Clark, LLP is pleased to announce that 26 attorneys are recognized as “Leaders in Their Field” in eight practice areas in the 2019 Chambers USA: America’s Leading Lawyers for Business.

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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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