Insights
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...
Kitchen Remodels: Deduction vs. Capitalization – What You Need to Know
When it comes to upgrading a rental property, few projects raise more questions than kitchen remodels. At a glance, they seem like improvements—new cabinets, updated appliances, maybe a new layout. But under IRS rules, not all kitchen upgrades must be capitalized. In fact, some expenses can be...
IRS Guidance On Theft Losses From Common Scams (2018–2025)
In recent years, there has been a rise in the number of losses resulting from scams. In our Update seminars, we have discussed the treatment of these losses, particularly as they relate to cryptocurrency. We believed that many of these scam losses qualified as investment losses on the federal tax...
Oil and Gas K-1’s: Self-Employment Tax Tricks
Understanding Self-Employment Tax in Oil and Gas Partnerships Investing in oil and gas partnerships can provide significant tax advantages, but it also brings unique tax obligations—particularly regarding self-employment tax. Many investors enter these ventures without fully understanding how...
Ask Us Anything
Help Me With a Question About a Leased Tesla
Ask Us Anything Dear Brass Tax Presentations, An individual leased a Tesla Model 3. Can he get any of the $7500 credit on his tax return? I say no. Sorry, just so much conflicting information out there. Thank you so much. From Brass Tax Presentations The taxpayer must purchase the vehicle...
Help Me With COVID Credits For The Self-Employed
Ask Us Anything Dear Brass Tax Presentations, Are there still COVID credits from the IRS for self-employed individuals? I have been self-employed for the last 20 years; I don't have any employees. I keep hearing about COVID credits for the self-employed and wanted to hear from you about this....
Help Me With The EIC Credit 2023
Ask Us Anything Dear Brass Tax Presentations, I have a client who is married and has a 15-month son. She lived in the USA all year with a child in 2023 and paid all expenses. Her husband immigrated to the USA in August 2023 and lived with her. Is any of these questions applied to them for EIC...
Help Me With Employer HSA Contribution Questions
Ask Us Anything Dear Brass Tax Presentations, When the owner of an S-Corp makes an employer HSA contribution. How is it treated on the shareholder's personal tax return? Thank you! From Brass Tax Presentations If an S-Corp makes employer contributions to the HSA of a 2% or more...
Help Me With The 1095A
Ask Us Anything Dear Brass Tax Presentations, I have an RDP who is self-employed. She has a plan under Covered California that only covers her RDP, not herself. Does the Federal allow her to claim the SEHI deduction for the premiums paid for her RDP? Should I assign the 1095A to her RDP on his...
Help Me With The 8915 Form
Ask Us Anything Dear Brass Tax Presentations, I attended your presentation in Fresno, CA & enjoyed it tremendously! I did forget however to ask about the flooding in CA and being able to split the retirement disbursement over three years. I do reside in a county that was declared a disaster...
Help Me With a Qualified Public Safety Officer Exclusion
Ask Us Anything Dear Brass Tax Presentations, With regards to the qualified public safety officer exclusion no longer being needed to be paid directly to the insurance providers, is that change effective for 2022 tax returns or did it just start in 2023? Said in another way, should I go back and...
Help me With Form 7203
Ask Us Anything Dear Brass Tax Presentations, I have a question regarding an S-Corp client with 4 shareholders, specifically the tax effects on stock/debt basis / Form 7203. All four shareholders have a $0 stock basis. Two shareholders have some debt basis due to informal shareholder loans. Some...
Help Me With a Centralized Partnership Audit Regime Election Question
Ask Us Anything Dear Brass Tax Presentations, I was looking at the Updates to 2023 Returns book and on page 203 & 204 there is the topic of Partnerships electing out of the Centralized Audit Regime for IRS audits. After reading this section, it looks like I need to amend our partnership...
Help Me With a Qualified Commercial Clean Vehicle Credit
Ask Us Anything Dear Brass Tax Presentations, My client claimed a qualified commercial clean vehicle credit through his S-corporation, and the credit was listed on form 3800. However, the IRS sent a notice stating that Form 8936 was incomplete or missing. If I entered the same information on the...
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