Insights
Postmark Timing Updates: Compliance Implications for Taxpayers
Learn how IRS postmark rules and USPS timing changes affect tax filing deadlines. Avoid penalties with certified mail and compliance best practices.
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...
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Tax Tidbits – Travel Expenses for Family Members
Social media is full of questionable “tax advice” about the deductibility of travel expenses for family members. A quick scroll through TikTok or X (the artist formerly known as Twitter) will produce multiple “sources” proclaiming that all you have to do is discuss business over dinner or take a...
Tax Tidbits – Underpayment Penalty
The United States tax system is “pay-as-you-go,” which means that taxes are paid as income is earned. For employees or taxpayers taking distributions from retirement accounts, this is handled through withholding. For self-employed workers or taxpayers with large amounts of untaxed income, such as...
Tax Tidbits – Expanded 529 Expenditures
The Tax Cuts and Jobs Act (TCJA) expanded the uses for funds in 529 accounts to include amounts paid for K-12 tuition (limited to $10,000 per year). The One Big Beautiful Bill (OB3) Act added even more eligible expenditures for K-12 students, as well as opening up the use of funds to pay for...
Tax Tidbits – FICA Tips Credit
One of the new deductions that came out of the One Big Beautiful Bill (OB3) Act is the deduction for qualified tips, but there is another tip related provision that many taxpayers aren’t aware of, the FICA Tips Credit. Let’s be honest; many taxpayers don’t report the tips that they receive....
Tax Tidbits – Bonus Depreciation
Bonus depreciation has been one of the more unpredictable provisions over the years, as it seemed to be in a constant state of expiring and being extended. With the passage of the One Big Beautiful Bill (OB3) Act, bonus depreciation is permanent! It’s not all good news, however. The permanent...
Tax Tidbits – Qualified Business Income Deduction
The Qualified Business Income (QBI) Deduction, also sometimes referred to by its code section 199A, was a Tax Cuts and Jobs Act provision that allows taxpayers with, you guessed it, qualified business income, to take a deduction of up to 20% of their QBI from eligible trades or businesses. That...
Tax Tidbits – Trump Accounts
If you were wondering why they chose 4547 for the form number to open a Trump Account, you need look no further than the man himself. Donald Trump served as the 45th and now 47th President of the United States, hence Form 4547. The form can be filed with the tax return, or as a standalone. It even...
Tax Tidbits – MFS and VLI
For the Tips, Overtime, and Senior deductions, married taxpayers must file a joint return in order to claim the deductions unless they meet the qualifications to file as Head of Household. The one exception to this is the new deduction for Qualified Vehicle Loan Interest.Taxpayers may deduct up to...
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...
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