News

Beneficial Ownership Reporting under the Corporate Transparency Act

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...

The Tax Cuts and Jobs Act passed in 2017 increased first-year bonus depreciation to 100%, which has remained through the end of 2022....

Background The Tax Cuts and Jobs Act (TCJA) of 2017 introduced several major tax law reforms that impact many taxpayers. One of these...

The Consolidated Appropriations Act signed into law by President Trump on December 27, 2020 provides for a 100% deduction related to...

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...

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...

The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the separate definitions for qualified leasehold improvement property, qualified...

In light of the economic consequences of the COVID-19 pandemic, Congress passed into law The Coronavirus Aid, Relief, and Economic...

During this uncertain time, Halverson & Company is committed to serving our clients with the same level of responsiveness and...

The Tax Cuts and Jobs Act (TCJA) modified Internal Revenue Code Section 274(a)(4) which states that no deduction is allowed for qualified...

20% Deduction from Pass-Through Income The deduction is 20% of your “qualified business income (QBI)” from a partnership, S corporation,...

The Tax Cuts and Jobs Act (TCJA) changes how property (real estate) tax deductions can affect your federal tax return starting in 2018....

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...

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...

Prior to the new Tax and Jobs Act law, individuals who itemized their deductions on Schedule A could deduct certain miscellaneous...

Gone are the days of the so-called “Obamacare Individual Mandate.” What used to be termed the most unpopular aspect of the Affordable...

Before the Tax Cuts and Jobs Act, taxpayers could deduct 50% of legitimate business expenses classified as “meals and entertainment.”...

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...

The IRS released Revenue Procedure 2015-56 which provides a safe harbor method of accounting for costs incurred in remodel and refresh...