Opportunity Zones is a new community development program used to incentivize investments for distressed low-income communities by offering tax benefits to investors. It was established by the Tax Cuts and Jobs Act of 2017. Businesses or individual investors can invest capital gain amounts in Opportunity Zones through a Qualified Opportunity Fund (QOF). The reinvestment of…
CARES Act income tax provisions provide much needed economic relief to small business nationwide. It temporarily lifts some of the restrictions imposed by the 2017 Tax Cuts and Jobs Act that limited tax benefits for deductions and losses. The TCJA tax reform disallowed carryback of NOLs, allowed the NOL to only offset 80% of taxable income, limited…
The Tax Cuts and Jobs Act (TCJA) changed limitations for small business capital expenditures. It increased both section 179 limitations for expensing and bonus depreciation percentages. Allowing businesses to deduct the full purchase price of long term assets such as equipment, office furniture, cell phones, computers, and vehicles. Recently the CARES Act, passed in March 2020,…
More than 100,000 small businesses have closed due to COVID-19. There is more to closing a business than laying off employees, selling office furniture, and closing the doors. Owners of closing businesses must take certain actions as required by the IRS to fulfill your tax obligations. For example, if your business has employees, you must…