The TG Blog

Resources and articles to empower you and keep you up to date.

three big tax law changes

3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

February 13, 2019

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree…

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tax return extension

An Extension May Be the Best Business Decision for Your 2018 Tax Return

February 7, 2019

By now you have most likely heard from your tax advisor or via news outlets about the Tax Cuts and Jobs Act (TCJA).  The biggest tax overhaul since 1986, these new rules – along with new revenue recognition rules and partnership audit rules – have given individuals, business owners, and their advisors a great deal…

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permanent establishment

IRS Releases New Training Units on Permanent Establishments

February 5, 2019

If a foreign company has sales or any kind of operations in the U.S., whether via a subsidiary, an agent, or direct activity, they should evaluate whether they have any risk of having a “permanent establishment” in the U.S.  As the criteria can vary between the various income tax treaties, the determination can become quite…

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tax tips

January/February 2019 Tax Tips

February 4, 2019

Employers can use 401(k) plans to help employees pay student loans In a recent private letter ruling, the IRS approved an employer’s student loan repayment program, under which it made contributions to employees’ 401(k) plan accounts that were contingent on repayments of student loans. Essentially, the employer agreed to make a matching contribution equal to…

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vacation home tax planning

Relax, But Don’t Forget About Taxes: Owning a Vacation Home Requires Tax Planning

February 4, 2019

A vacation home can be many things to different people. For example, it can be a relaxing refuge for friends and family, or the property can serve as an income-producing investment if you choose to rent it out when you’re not using it. However you plan to use your vacation home, it pays to understand…

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BDIT Lets You Give Away Property Without Losing Control

February 4, 2019

By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own businesses or other assets worth more than the pre-TCJA exemption amount are planning substantial gifts…

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business interest deduction

Are Your Business Interest Expenses Deductible?

February 4, 2019

Before Congress passed the Tax Cuts and Jobs Act (TCJA), most business-related interest expense was deductible, although corporations couldn’t deduct interest paid to or guaranteed by a related party under certain circumstances. But for tax years beginning after 2017, the TCJA imposes a limit on business interest deductions, with exceptions for “small businesses” and electing…

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time to update to the new revenue recognition standard

Private Companies: Have You Implemented the New Revenue Recognition Standard?

February 1, 2019

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules. If you haven’t started the implementation process, it’s time to get…

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qualified improvement property depreciation

Depreciation-Related Breaks on Business Real Estate: What You Need to Know When You File Your 2018 Return

January 29, 2019

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by…

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donation substantiation requirements

There’s Still Time to Get Substantiation for 2018 Donations

January 23, 2019

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements…

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