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06 Nov

A Fresh Look at Donor-Advised Funds: What Every Nonprofit Should Know

Nonprofits and Donor-Advised Funds | Spire Group, PC Donor-advised funds (DAFs) are growing in popularity, so it’s important that nonprofit leaders familiarize themselves with how to use DAFs as a funding source. A recent report from the National Philanthropic Trust (NPT) estimates that nonprofit contributions from DAFs increased nearly 10 percent between 2015 and 2016. […]

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25 Oct

IRS Clarifies Rules for Business Meal Deductions

IRS Clarifies Rules for Business Meal Deductions | Spire Group, PC No two ways about it, the Tax Cuts and Jobs Act of 2017 eliminated the deduction for business entertainment expenses. What wasn’t as clear was the fate of business meal deductions associated with that entertainment. Now, in Notice 2018-76, the IRS has weighed in […]

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23 Oct

Passive Activity Losses – What Are They, and When Are They Deductible?

Not all income is treated equally under the U.S. tax code. Nonpassive income gets taxed differently from portfolio income, which gets taxed differently from passive income. For example, losses from a nonpassive business are typically fully deductible, while losses from a passive business can be limited. This limitation, called the passive activity loss (PAL) limitation, […]

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11 Oct

What Should Business Owners Know About the Section 199A Deduction?

What Business Owners Should Understand About the Section 199A Deduction | Spire Group, PC The Tax Cuts and Jobs Act of 2017 (TCJA) made comprehensive changes to the tax code. It’s not surprising that the IRS is in the process of making clarifications to these changes, including proposed regulations for the complex Section 199A deduction. […]

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27 Sep

Tax Considerations for a New Franchisee

Opening your first franchise can feel a lot like hitting the jackpot. Not only do franchised businesses provide you with well-tested operating procedures and a reliable support system, but they actually allow for quite a bit of flexibility – perhaps more than you think. Depending on your franchise, you may be free to make decisions […]

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20 Sep

IRS Responds to States’ Workarounds on New SALT Deduction Limitations

IRS Responds to States’ Efforts to Counter SALT Deduction Limitations | Spire Group, PC Can states issue tax credits through taxpayers’ charitable contributions to offset new state and local tax (SALT) limitations under tax reform? Several states have been creative in finding ways to work around the new limitation. Specifically, the question is whether the […]

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18 Sep

Discussing the Estate, Gift, and Generation-Skipping Transfer Taxes

How Are They Different? Discussing the Estate, Gift, and Generation-Skipping Transfer Taxes The estate tax, popularly referred to as the “death tax,” is much less of a concern for most Americans than the political rhetoric makes it out to be. The Tax Policy Center estimates that only 1,700 estates will owe taxes this year, which […]

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06 Sep

Health Care Industry Outlook Still Uncertain Post-ACA Individual Mandate Repeal

Health Care Industry Post-ACA Mandate Repeal | Spire Group, PC When Congress passed federal tax reform legislation late last year, lawmakers included a repeal of the Affordable Care Act’s (ACA) individual mandate. As a result, starting in 2019, individuals will no longer face a penalty if they fail to get health insurance. Businesses involved in […]

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28 Aug

Tax Reform’s Changes to the Kiddie Tax

The Tax Cuts and Jobs Act (TCJA) completely overhauled so many areas of our corporate and individual tax code that some of the smaller regulatory tweaks have been overlooked in their wake. The “kiddie tax” is one of those changes that slipped under the radar. As tax planning season approaches, it’s important to review even […]

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21 Aug

Tax Reform’s Changes to the Child Tax Credit

Tax Reform’s Changes to the Child Tax Credit | Spire Group, PC The Tax Cuts and Jobs Act is being touted as pro-taxpayer legislation, and it’s easy to see why – the tax rates have been lowered, the AMT exemption has grown, and the standard deduction has almost doubled. However, the recent tax reform also […]

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