Oct
19
2018
19
2018
HBL wearing purple
HBL CPAs wears purple in support for survivors of domestic violence.
Oct
18
2018
18
2018
HBL Wears Purple!
HBL CPAs wears purple in support for survivors of domestic violence.
Oct
17
2018
17
2018
You might save tax if your vacation home qualifies as a rental property
If you own a vacation home and both rent it out and use it personally, classification as a rental property might save tax. Expenses attributable to a rental property aren’t subject to the TCJA’s tightened limits on itemized deductions for property tax and mortgage interest, and losses may be deductible. A rental property generally is one you use for 14 days or less, or under 10% of the days you rent it out,
Oct
15
2018
15
2018
Fore!
Fore! An easement on a golf course fails to serve a conservation purpose. The U.S. Tax Court has ruled that a partnership that operated a golf club on its property wasn’t entitled to a conservation contribution deduction because it failed to satisfy the conservation requirements. The partnership argued that the easement area provided a habitat for several species of conservation concern. However, the court concluded there wasn’t a sufficient presence of rare or endangered species in the area to satisfy the conservation purpose requirement.
Oct
15
2018
15
2018
Oct
12
2018
12
2018
IRS Announcement – Employer Reimbursements
The IRS announces that employer reimbursements in 2018 for qualifying pre-2018 employee moves are tax-free. Clarifying the effects of the Tax Cuts and Jobs Act (TCJA), the IRS states that employer payments in 2018 for employee moving expenses incurred prior to 2018 are excluded from the employee’s wages for tax purposes. The IRS notes that, because the TCJA was passed at the end of 2017, individuals who relocated in 2017 but didn’t receive payment until 2018 wouldn’t have anticipated that the payments were taxable.
Oct
11
2018
11
2018
Business Meals
Is that still deductible? The Tax Cuts and Jobs Act generally eliminated the business deduction for entertainment expenses but not meal expenses. As long as certain conditions are met, taxpayers can still deduct 50% of the cost of business meals. The IRS issued Notice 2018-76 spelling out the five conditions. The expense must be “ordinary and necessary;” the taxpayer (or an employee) must be present at the meal; the meal can’t be lavish;
Oct
10
2018
10
2018
IRS2Go Mobile Phone App
Want to get tax information from the IRS on your mobile phone? The tax agency has a mobile app that is available for use on any iOS or Android device. The free app, called IRS2Go, allows taxpayers to make payments from their bank accounts or through credit or debit cards. You can also check the status of a refund and get tax tips and other information. Visit https://bit.ly/2BTAVhB for more details.
Oct
09
2018
09
2018
Baby Announcement!!
Please welcome the newest member to the HBL family……Lily! Proud parents are Michael and Espy – Congratulations!
Oct
08
2018
08
2018
U.S. Tax Court ruling on carryover loss deduction
The U.S. Tax Court rules that a married couple isn’t entitled to a carryover loss deduction for purported wage payments made by the husband’s company. The husband claimed that former employees of a TV station where he used to work, and where he started developing a Web platform for artist promotion, came to work for his new LLC. But the court stated the husband had failed to provide any proof as to the number of employees,
