Sunset Provisions of 2025
Some of the significant tax law changes of The Tax Cuts and Jobs Act of 2017 (TCJA) are set to expire at the end of 2025 unless Congress...
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Halverson & Company
- Aug 31
Bonus Depreciation Change for 2023 and the Future
The Tax Cuts and Jobs Act passed in 2017 increased first-year bonus depreciation to 100%, which has remained through the end of 2022....
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Halverson & Company
- Aug 27, 2021
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
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
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
- Apr 28, 2020
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
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
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
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
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 29, 2018
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
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
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
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
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
- Jun 26, 2018
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 18, 2018
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
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
- Dec 11, 2015
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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Halverson & Company
- Dec 11, 2015
De Minimis Safe Harbor Threshold Increased to $2,500
On November 24th the IRS issued Notice 2015-82 announcing an increase in the deductible amount for purchases of tangible property for...
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