How to Get a State Tax Deduction Post TCJA - The Passthrough Entity Level State Tax
Background The Tax Cuts and Jobs Act (TCJA) of 2017 introduced several major tax law reforms that impact many taxpayers. One of these...
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Halverson & Company
- Mar 17, 2021
- 1 min
The Consolidated Appropriations Act - 100% Meals Deductible for Federal
The Consolidated Appropriations Act signed into law by President Trump on December 27, 2020 provides for a 100% deduction related to...
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Halverson & Company
- Mar 17, 2021
- 3 min
The American Rescue Plan Act: Restaurant Grant
The American Rescue Plan Act of 2021 (ARPA) signed into law by Biden on March 11, 2021 provides $29 billion nationwide for a new Small...
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Halverson & Company
- Mar 17, 2021
- 1 min
IRS Extends Due Date from April 15th to May 17th for Individuals
Per IRS IR-2021-59, the IRS has extended the due for 2020 tax returns and tax payments from April 15, 2021 to May 17, 2021. "Individual...
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Halverson & Company
- Apr 29, 2020
- 2 min
The CARES Act: NOL Carryback
With the passing of the Tax Cuts and Jobs Act (TCJA) of 2017, there were changes made to how Net Operating Losses (NOLs) could be...
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Halverson & Company
- Apr 28, 2020
- 2 min
The CARES Act: Qualified Improvement Property
The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the separate definitions for qualified leasehold improvement property, qualified...
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Halverson & Company
- Apr 28, 2020
- 5 min
The CARES Act: Individual Tax Impact
In light of the economic consequences of the COVID-19 pandemic, Congress passed into law The Coronavirus Aid, Relief, and Economic...
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Halverson & Company
- Mar 17, 2020
- 2 min
Coronavirus News
During this uncertain time, Halverson & Company is committed to serving our clients with the same level of responsiveness and...
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Halverson & Company
- Aug 20, 2019
- 3 min
Non-Deductible Parking
The Tax Cuts and Jobs Act (TCJA) modified Internal Revenue Code Section 274(a)(4) which states that no deduction is allowed for qualified...
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Halverson & Company
- Oct 30, 2018
- 3 min
Huge Savings on Pass-Through Income Up to a 20% Deduction
20% Deduction from Pass-Through Income The deduction is 20% of your “qualified business income (QBI)” from a partnership, S corporation,...
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Halverson & Company
- Aug 10, 2018
- 1 min
Limitations on Property Tax Deductions for Individuals
The Tax Cuts and Jobs Act (TCJA) changes how property (real estate) tax deductions can affect your federal tax return starting in 2018....
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Halverson & Company
- Aug 1, 2018
- 3 min
More Depreciation?
This is the time to buy new property for your business! Since the enactment of the Tax Cuts and Jobs Act (TCJA, December 2017), new...
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Halverson & Company
- Jul 19, 2018
- 2 min
Beware of the SALT Cap!
That’s right – the Tax Cuts and Job Act (TCJA) placed a limitation on the amount of state and local taxes (SALT) individuals can deduct...
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Halverson & Company
- Jul 13, 2018
- 1 min
Farewell, Miscellaneous Itemized Deductions
Prior to the new Tax and Jobs Act law, individuals who itemized their deductions on Schedule A could deduct certain miscellaneous...
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Halverson & Company
- Jul 3, 2018
- 2 min
It’s Time to Grow Up - Kiddie Tax Gets Steeper Rates
The last massive tax reform prior to the Tax Cuts and Jobs Act, (HR 1, TCJA) instituted a special tax on a child’s unearned income to...
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Halverson & Company
- Jun 26, 2018
- 1 min
Good Bye Healthcare Insurance Mandate
Gone are the days of the so-called “Obamacare Individual Mandate.” What used to be termed the most unpopular aspect of the Affordable...
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Halverson & Company
- Jun 19, 2018
- 2 min
Entertainment Expense Deductions – Rest in Peace
Before the Tax Cuts and Jobs Act, taxpayers could deduct 50% of legitimate business expenses classified as “meals and entertainment.”...
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Halverson & Company
- Dec 28, 2017
- 7 min
Tax Cuts and Jobs Acts
Tax Cuts and Jobs Act – Individuals and Businesses On December 22, 2017, the Tax Cuts and Jobs Act (H.R. 1) was signed by President...
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Halverson & Company
- Jan 9, 2017
- 1 min
Partnership and Corporate Filing Due Dates
Beginning with the 2017 tax filing season (2016 tax returns) there are several changes to the original and extended due dates as a result...
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Halverson & Company
- Dec 11, 2015
- 4 min
Restaurant Remodeling Costs
The IRS released Revenue Procedure 2015-56 which provides a safe harbor method of accounting for costs incurred in remodel and refresh...
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