By Kenneth H. Bridges, CPA, PFS March 2020
An S-corp shareholder’s ability to deduct for income tax purposes K-1 losses from the S-corp is limited to his or her “basis” in the S-corp. “Basis” for these purposes is the amount …
By Kenneth H. Bridges, CPA, PFS March 2020
The Tax Cuts and Jobs Act (TCJA) legislation enacted in late 2017 reduced tax rates and added new deductions like the qualified business income deduction. However, to help pay for those goodies, …
By Kenneth H. Bridges, CPA, PFS December 2019
The partnership form of doing business (which, for income tax purposes, includes most LLCs with more than one member) offers a combination of flow-through treatment and great flexibility.
Similar to a Subchapter …
By Kenneth H. Bridges, CPA, PFS December 2019
Prior to August 28, 2018, Georgia residents (and residents of other states with similar programs) could potentially avoid the $10,000 limitation on the deduction for state and local taxes imposed by the …
By Kenneth H. Bridges, CPA, PFS December 2019
Late November through year end is the time for year-end tax planning. While every client’s situation is unique, here are some of the more common strategies we employ.
Acceleration or deferral of …
By Kenneth H. Bridges, CPA, PFS December 2019
Most states tax their residents on their worldwide income, while permitting them a credit for taxes paid to other states, so long as the effective rate paid to the other state does …
By Kenneth H. Bridges, CPA, PFS December 2019
Generally, when something sounds too good to be true, that’s because, in fact, it is not true. An exception to that general rule is the IRC 1202 capital gains exclusion.
Internal Revenue …
By Kenneth H. Bridges, CPA, PFS July 2019
Form 8283 (form for reporting noncash charitable donations) provides a space for the cost of property you are donating to charity. Since your deduction is generally based on the property’s fair market …
By Kenneth H. Bridges, CPA, PFS July 2019
In order to encourage companies to invest in R&D, and to reward them for doing so, Federal and Georgia tax rules provide what can be very significant tax credits (dollar for dollar …
By Kenneth H. Bridges, CPA, PFS July 2019
Included in The Tax Cuts and Jobs Act legislation enacted in late 2017 was new Internal Revenue Code Section 1400Z-2, “Special Rules for Capital Gains Invested in Opportunity Zones”. These new rules, …