Tag: Tax

For quite some time, purchasers of electric vehicles have received a special tax credit. That tax credit has been a boon to those who have purchased Tesla automobiles. However, that’s coming to an end.  In IR 2018-252 issued December 14, 2018, and in Notice 2018-96, 2018-52 IRB (https://www.irs.gov/pub/irs-drop/n-18-96.pdf), the IRS said Tesla has sold more than…

By now, most have heard that a federal judge has ruled that the Affordable Care Act (aka Obamacare) is unconstitutional.  What some have heard is that the ruling was based on the elimination of the tax penalty under the tax law passed at the end 2017, generally referred to as the Tax Cuts and Jobs…

In December 2017, Congress passed, and the President signed, the “new tax law” which originally was named the “Tax Cuts and Jobs Act” or “TCJA” (but in the budget reconciliation process, the act lost its name). In that new law, Section 2010(c)(3) was amended to provide that for decedents dying and gifts made after 2017…

The debate is over when it comes to deductions of business meal expenses. Changes caused by the new tax law passed in December 2017 ruled out all deductions for any kind of entertainment expense. Commentators debated whether business meals would continue to be deductible. Some, like me, thought the change would do just that. Some…

The recent tax bill passed by Congress and signed by the President is generally being referred to as the Tax Cuts and Jobs Act of 2017 and makes some sweeping changes in income tax laws. The intent of this post is simply to educate you on one broadly touted change in the tax law that…

This is another letter to update you on an aspect of the new tax act. This one deals with the new limitations on deductions for state and local taxes, and, in particular, property taxes. This is not intended as legal advice for your particular situation, so please consult your tax advisor ASAP. Much has been…

The recent tax bill passed by Congress and signed by the President is generally being referred to as the Tax Cuts and Jobs Act of 2017 and makes some sweeping changes in income tax laws. The intent of this letter is simply to educate you on one aspect of its impact on charitable giving (this…

Getting the IRS to approve your business deductions is not always easy and sometimes you have to take them to court. An interesting case was decided by the US Tax Court and the opinion released on April 20, 2016 in Amy Ndiaye Delia v. Commissioner of Internal Revenue, T.C. Memo 2016-17. It’s a fun case…