IRS Issues Section 199A Safe Harbor for Rental Real Estate


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


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


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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Opportunity Zone Guidance: Real Impacts for Real Estate


By Matthew D. Mitchell
Published in Northwest Arkansas Business Journal (Monday, Dec. 10, 2018)

In October 2018, the Treasury Department and the IRS released needed guidance related to the Qualified Opportunity Zone program (QOZ Program) created by the Tax Cuts and Jobs Act. As described below, real estate investors and developers gained critical insight through the guidance.

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Tax Reform May Have a Negative Impact on Nonprofits


By Katie Watson Bingham 
Published in Arkansas Business (Oct. 22, 2018)

The 2017 Tax Cuts & Jobs Act will have a significant impact on individuals, businesses and nonprofits, but the latter may experience the most negative effects.

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