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There are a number of considerations that your accountant wants you to be aware of when you purchase a rental property. These include whether to form a legal entity to hold the property, and if so- what type of entity, maintaining separate books and records, whether expenditures are tax-deductible when paid or are required to be capitalized and depreciated for deduction later, and whether you might qualify for tax-favorable status as a real estate professional, and a number of other topics.

This past calendar year, 2018 tax compliance season could be generously described as “interesting.” It was the first filing season where most of the changes from the Tax Cuts and Jobs Act of 2017 were in full effect.

In an effort to recognize the shifting landscape of healthcare both nationally and here in New England, the Baker Newman Noyes Healthcare Advisory Group has put together a detailed summary explaining key regulatory and operational changes impacting home health care providers as a result of the CMS CY19/20 Final Rule. The following summary will serve to inform providers of operational changes needed as well as prepare them for new reporting requirements to maximize potential reimbursement.

This article assumes that its readers are familiar with the basics of 163(j). If that assumption is false, please first read our earlier article, written just after the Tax Cuts and Jobs Act was passed. Our previous article is a summary of the Business Interest Expense Limitation as written in the Code, while this article explains the new guidance, primarily derived from the proposed regulations.

While most of the government was shut down, parts of the Treasury Department, including IRS personnel responsible for implementing late December 2017’s Tax Cuts and Jobs Act (TCJA), remained open. One of the most significant features and largest potential benefits in the TCJA for business owners is its introduction of Internal Revenue Code Section 199A, commonly referred to as the 20% qualified business deduction or QBI deduction.

On December 21, 2018, the Federal banking agencies adopted the interim rules under section 210 of the Economic Growth Act, with respect to qualifying insured depository institutions’ (IDIs) on-site examination cycles, as final without change.