With the medical use of cannabis products now legal in 37 states and nonmedical (recreational) use legal in 18 states and the District of Columbia, the fast-growing, multibillion-dollar cannabis industry is poised to continue expanding in the coming years. However, since THC, the psychoactive compound in marijuana, remains illegal at the federal level as a [...]
As the COVID-19 pandemic has forced countless businesses across the country to curtail operations, the U.S. government recently passed a massive stimulus package designed to minimize economic devastation: the Coronavirus Aid, Relief and Economic Security (CARES) Act. This $2 trillion measure offers both direct financial aid and various forms of tax relief in order to [...]
Over the course of a few short months, the novel coronavirus (COVID-19) has rapidly spread around the world, infecting hundreds of thousands of people and wreaking havoc on the global economy. In an effort to remain solvent, businesses in nearly every industry are faced with devastating decisions, from laying off employees to halting operations—at least [...]
Commercial building owners and designers received a lucrative gift this holiday season. On December 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act, 2020, a $1.4 trillion spending package that renewed various tax extenders, including the §179D deduction for energy-efficient commercial buildings. The §179D deduction—which offers tax savings of up to $1.80 [...]
The Senate Finance Committee recently launched an initiative that would renew the tax extenders—or temporary tax incentives, including the §179D deduction for energy-efficient commercial buildings, that have expired in the past few years. The tax extenders were never permanent parts of the tax code, but historically would lapse at the end of each year and [...]
In planning for retirement, most investors are familiar with the concept of diversification as a way to minimize the volatility of their portfolios over time. However, another important financial strategy is often overlooked: tax diversification. By leveraging tax diversification through the use of tax-free assets, such as life insurance retirement plans (LIRPs), investors can build [...]
The federal tax code provides several incentives and strategies that allow commercial building owners to reduce their tax burdens. Among the most powerful of these strategies is Cost Segregation, which enables building owners to claim accelerated depreciation deductions by simply reclassifying certain real property assets as personal property. Another provision called the Historic Tax Credit [...]
In September 2018, the IRS issued Notice 2018-71 providing guidance on a lesser-known feature of the Tax Cuts and Jobs Act: the Section 45S Employer Credit for Paid Family and Medical Leave. Created as a way to incentivize businesses to continue paying employees who are out of work to care for family members, Section 45S [...]
The Tax Cuts and Jobs Act—the sweeping tax reform law enacted in December 2017—has garnered significant attention for drastically lowering the corporate tax rate and expanding incentives for individuals and businesses. However, one lesser-known feature of the new tax law is the Investing in Opportunity Act, which established the Opportunity Zone program. Created with the [...]
As the year quickly draws to a close, the time has come for businesses to start the onerous process of preparing for tax season. Although the end of the year tends to be hectic, it is crucial to begin gathering paperwork and planning strategies in order to reduce your business’s 2018 tax burden. Recent changes [...]