By Sidney Kess and Michael Kelley The CPA Journal April 2019 For many investors in art, coins, or fine wine, their investments are their passion. This joy can turn into tax pain, however, when it comes time to sell. The capital gains tax on collectibles is considerably higher than almost
By Sidney Kess The CPA Journal January 2019 Under the Tax Cuts and Jobs Act of 2017 (TCJA), the number of taxpayers that take the standard deduction on their federal income tax return may rise to over 90%, according to the White House Council of Economic Advisers. The TCJA made the
By Sidney Kess The CPA Journal December 2018 The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions. Favorable tax rates continue to apply to capital gains, and losses continue to be used as offsets
By Sidney Kess The CPA Journal December 2018 Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities. Such professionals may be able to cut the effective tax rate on the income from their practices
By Sidney Kess The CPA Journal December 2018 On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate the economy and create jobs. The tax cuts are estimated to cost nearly $1.5 trillion. Initially, the
By Sidney Kess The CPA Journal December 2018 On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government nearly $1.5 trillion, but the
By Jerald David August The CPA Journal January 2018 Edition IMPLICATIONS FOR PARTNERSHIPS, S CORPORATIONS, AND SOLE PROPRIETORSHIPS President Trump signed the Tax Cuts and Jobs Act (TCJA), H.R. 1, into law on December 22, 2017. The law was passed by Congress two days earlier, on December 20, 2017. In general,
