IRS and Treasury Department Provide Guidance on Same-Sex Marriage

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced that same-sex couples who are legally married in jurisdictions that recognize same-sex marriage will be treated as married for all federal tax purposes. Guidance has been provided in the form of a Revenue Ruling (Rev. Rul. 2013-17) and associated Frequently Asked …

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Takeaways on Estate Planning Trends from Heckerling Institute

By Thomas P. Terry, CPA, Partner I spent the week of January 24 at the 53rdAnnual Heckerling Institute on Estate Planning provided by the University of Miami School of Law. As always, it was a week full of exceptional speakers with even better thoughts and ideas. Yes, this is what I do for fun while …

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Tax Cuts and Jobs Act Impact and Additional Effects on the Construction Industry

The Tax Cuts and Jobs Act (TCJA) is the most sweeping reform we have seen since the Tax Reform Act of 1986. Significant changes have been made to tax rates, which in most cases has been lowered with larger income brackets in place. In addition, the construction industry has seen a change in deduction options …

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Qualified Business Income Deduction – Section 199A

The Tax Cuts and Jobs Act (TCJA) adds a new deduction for noncorporate taxpayers for qualified business income. The deduction reduces taxable income, rather than adjusted gross income, and is available to taxpayers who qualify, even if they take the standard deduction. The deduction is 20% of the taxpayer’s qualified business income (QBI) from a partnership, …

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