Insights
Qualified Passenger Vehicle Loan Interest Updates
Get the latest IRS updates on Qualified Passenger Vehicle Loan Interest deductions. Learn how personal use rules impact eligibility and maximize deductions.
The IRS Won’t Enforce the Law Because It’s “Particularly Difficult”
We expect to see more guidance on some provisions, but for tax year 2025, some claims will require some extra work and some extra diligence.
Car Loan Interest Deduction: Reporting Considerations
Taxpayers who purchase a new vehicle with final assembly in the US may deduct interest they pay on the loan for that vehicle. Learn how it works.
Navigating the New Tips Deduction: Brace Yourselves
For the 2025 through 2028 taxable years, eligible taxpayers may be able to deduct up to $25,000 of qualified tips from taxable income on their return. Learn how
OB3: Changes to 529 Plans
OB3 made important updates to 529 college savings plans and if you’re a tax pro or a parent, you need to understand how these changes affect you
OB3 Act Changes to Bonus Depreciation and §179 Expensing
Discover how the OB3 Act resets bonus depreciation, expands §179 expensing, and impacts asset acquisition and planning for the 2025 tax year.
1031 Exchanges, Delaware Statutory Trusts, and the UPREIT Transaction
The world of real estate taxation is characterized by a complex array of tax rules that range from relatively straightforward to highly complex. Today, we will take a moment to delve into the intricacies of UPREIT transactions. If you are only looking for the tax reporting implications of an...
Unlocking Tax Savings: OB3 Changes to Bonus Depreciation and 179 Expensing Boost the Power of Real Estate Cost Segregation
What if we told you that parts of your building could be depreciated faster, leading to significant tax savings? Learn about real estate cost segregation here
Navigating the OB3 Act: A New Deduction for Overtime Compensation
Learn how the OB3 Act’s new overtime deduction works, who qualifies, and how to calculate it. Plus key MAGI phase-outs and W-2 reporting requirements.
Partnership and S Corp Ownership Changes
When preparing partnership and S corporation tax returns, practitioners must always consider changes in ownership and how that affects pass-through of income
Long-Term Rentals vs Short-Term Rentals: Change in Use
Short-term rentals are a topic that stirs up much discussion among tax professionals. For property owners juggling short-term and long-term rentals, understanding how the distinctions impact depreciation can be the difference between compliance and costly errors.When a taxpayer has a short-term...
When a Distribution Becomes a Paycheck: The Reasonable Compensation Trap for S Corporations
The S corporation tax structure is a favorite among small business owners. Pass-through treatment? Check. No self-employment tax on S corp profits? Check. However, the final consideration that many S corporation shareholders overlook is wages. Let’s talk about reasonable compensation. If your...
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Questions about California Clergy
Ask Us Anything Dear Brass Tax Presentations, I have taken on a church as a client. They have not applied for non-profit status (I know they are deemed a non-profit since they are recognized as a church). The previous person (now deceased) handled their info. They issued the pastor’s W-2 with...
Lacerte IRA Adjustment for California
Ask Us Anything Dear Brass Tax Presentations, We are having some confusion over the following topic and were wondering if you could provide some guidance… Does California conform to the IRS regulation allowing for a $1,000 IRA catch-up contribution deduction for taxpayers who are 50 years old or...
Statute of Limitations for Refunds
Ask Us Anything Dear Brass Tax Presentations, We amended a 2019 Form 1040 from MFS to MFJ. The original return was e-filed on 3/28/22, and amended on 3/18/24 (within the 3 years). However, the IRS rejected the refund request because the amendment was “filed late”, that it is 3 years from the due...
Identifying Basis in Cryptocurrency
Ask Us Anything Dear Brass Tax Presentations, I understand cryptocurrency gains/losses can be reported using FIFO or specific identification. Then, LIFO or HIFO could be used as forms of specific identification. If a taxpayer wants to use one of these methods, do they have to identify the...
Help Me Report K-1 Income from an LLC to a Disregarded SMLLC
Ask Us Anything Dear Brass Tax Presentations, TP is 50% owner in a 2 member LLC (LLC#1). TP forms a CA SMLLC (LLC #2) and receives a tax ID for it. When LLC#1 begins reporting on a K-1 to LLC#2, how do I report on the 1040? Because LLC#2 is a disregarded entity, should I just report the K-1 as I...
Help Me With Navigating S-Elections for C-Corps and LLCs
Ask Us Anything Dear Brass Tax Presentations, After numerous back and forths with the owner of the C-Corp and upon her consulting with a friend of hers who has bought and sold a few businesses over the years, I think the deal is dead. I told her she could reduce the sale price (if it were...
Help Me With Claiming Tax Credits for a Dual-Use Property
Ask Us Anything Dear Brass Tax Presentations, A prospective client and a property that is 50% his primary residence and 50% rental property. Can we claim half of the credit as a business credit and half as an energy-efficient credit? Thanks for your help.From Brass Tax Presentations If 20% or less...
Help Me With Mid-Term Rental Situations
Ask Us Anything Dear Brass Tax Presentations, I recently purchased the Short-Term Rentals Comprehensive Strategy and have gone through it. However, I was hoping it would address Mid-Term rental situations. Mid-term rentals (longer than 30 days due to HOA rules to prevent short-term rentals) but...
Help Me With Basis For Gifted S-Corp Stock
Ask Us Anything Dear Brass Tax Presentations, Please help me with form 1120s on form 7203. My sister elected her LLC to be taxed in the 1120s. She has 200 common stocks in her S Corp, and she had zero stock basis on 1/1/2023, as noted in her form 7203. Suppose my sister transferred (as a gift to...
Help Me With a Rental Held In a Self-Directed IRA
Ask Us Anything Dear Brass Tax Presentations, How is selling a rental held in an IRA treated? Would the proceeds be treated as ordinary income when distributed? Thanks for your help.From Brass Tax Presentations Self-directed IRAs can be complex, with numerous potential issues and a need for clear...
Help Me With Wages Paid To Partners
Ask Us Anything Dear Brass Tax Presentations, I've taken your courses for a few years - since I started preparing returns officially. I have a question about partnership (1065) and payroll. We set up payroll for the partners however, the 1065 doesn't have a wage spot for partners. How do I report...
Help Me With a Question About Child Care Income
Ask Us Anything Dear Brass Tax Presentations, I need your expertise on this because I only have one other client in this similar situation. Grandmother goes to her daughter's home to care for her grandchildren 2-3 times a week. She gets paid by Child Development Asso Inc. It's only $7900. She...
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