IRS and Treasury Announce Intent to Issue Regulations: State and Local Income Taxes Will be Deductible for Businesses Structured as Passthrough Entities

Anyone who owns rental property and has not yet re-structured ownership into a passthrough entity now has another reason to make this change. We encourage you to call our office to get this done before year’s end to make the most out of this opportunity from the Treasury and the IRS. The $10,000 limit on […]

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IRS Issues Changes in Revenue Procedure 2020-45

On October 26, 2020,  the IRS issued IRS Rev. Proc-20-45 outlining the changes in the various tax rates, brackets and exemptions, and other income and estate and gift tax exclusions. Highlights of Changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file […]

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