News

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.

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.

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.

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.

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.

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.

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.