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Here are your Articles for October 12, 2018. |
| Duffy Kruspodin, LLP’s News |
| Don’t let the Medicare Annual Enrollment Period pass you by
The Annual Enrollment Period (AEP) for 2018 will start on Oct. 15, and will run through Dec. 7. Your clients who are Medicare beneficiaries can take this opportunity to make coverage changes, which they may want to do if their health care needs have changed during the year. It’s also a good time to check whether your clients’ Part D plan has announced changes to prices or its formulary effective in 2019 to determine whether a change to another plan is warranted.
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Qualified Business Income Deduction
This letter addresses newly issued proposed regulations for the Section 199A deduction for qualified business income of pass-through entities. For tax years beginning after December 31st, 2017, Code Section 199A has been added to allow a deduction equal to 20% of Qualified Business Income (QBI), to individuals, estates, and trusts that own interests in these pass-through businesses, subject to income level restrictions and phase outs.
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Partnership Representatives
On August 6th, 2018, the IRS finalized the proposed regulations covering Partnership Representatives, as part of the Centralized Partnership Audit Regime (CPAR). The CPAR, which generally assesses and collects tax at the partnership level, was enacted by the Bipartisan Budget Act of 2015, P.L. 114-74. This is the IRS’ efforts to increase the effectiveness of Partnership Audits. This letter serves to introduce you to the partnership representative position that apply for partnership tax years beginning after 2017.
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Qualified Opportunity Fund
On December 22ND, 2017 the Tax Cuts and Jobs Act (“the Act”) was signed into law. The Act provides the most comprehensive update to the tax code since 1986 and includes a provision of particular interest to investors with highly appreciated assets. This letter addresses the Opportunity Zones (IRC § 1400Z-1) and the tax planning opportunities that investing in a Qualified Opportunity Fund (IRC § 1400Z-2) could create.
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Five-Minute Tax Briefing
IRS Clarifies Deductibility of Business Meals: Thanks to the Tax Cuts and Jobs Act (TCJA), deductions for entertainment, amusement, or recreation expenses are disallowed. However, in a recent Notice, the IRS clarified that taxpayers generally may continue to deduct 50% of food and beverage expenses associated with their trade or business. This is the case if (1) the expenses are ordinary and necessary under IRC Sec. 162; (2) the expenses are not lavish or extravagant; (3) the taxpayer, or an employee of the taxpayer, is present when food or beverages are provided; (4) food or beverages are provided to a current or potential business customer, client, consultant, or similar business contact; and (5) food or beverages are purchased separately from entertainment (or stated separately on one or more bills, invoices, or receipts). Taxpayers may rely on this guidance until proposed regulations are published by the IRS. Notice 2018-76 and News Release IR 2018-195 .
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Tax Law Allows Employees to Defer Income from Equity-Based Pay
Restricted stock, stock options and other forms of equity-based compensation can help private companies attract and retain skilled workers. Now, thanks to the Tax Cuts and Jobs Act, the deal is even sweeter, because qualified employees may be able to defer the tax hit from these awards for up to five years. This article explains how this election works and what’s required to qualify.
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Employers: IRS Updates Business Travel Per Diems
Itemized deductions for unreimbursed business expenses are disallowed for employees from 2018 through 2025. So, formal expense reimbursement policies and procedures may be a necessary evil under the Tax Cuts and Jobs Act. Employers can simplify the process by paying travel per diems instead of requiring employees to submit receipts for actual travel expenses. Here are details.
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Buy Insurance You Need, Not What You’re Sold
It’s been said that “Insurance isn’t bought, it’s sold.” That is, agents need to tell people what to buy because they won’t do it on their own. If you want to avoid being sold instead of making up your own mind, take control. Assess your needs, review your options, and make an informed decision yourself. Here are some thoughts on that process.
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5 Benefits of Working in Retirement
Retirement has changed over time. Not everyone wants to cease working completely. And not everyone can afford to live the rest of their lives without an income apart from Social Security. Many people work for decades in one industry and dream of retiring so they can pursue another field. Don’t underestimate the possibility of a second act until you’ve looked at the benefits. Continue reading for more.
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