By Kenneth H. Bridges, CPA, PFS June 2020
In mid-March, as efforts began to “flatten the curve” of the spread of COVID-19, businesses began to furlough employees by the millions, and the fear was that many small businesses would not …
By Kenneth H. Bridges, CPA, PFS June 2020
In March, as much of the U.S. (and global) economy began to shut down, Congress went to work passing massive stimulus legislation to try keep the economy going. Federal legislation enacted from …
By Kenneth H. Bridges, CPA, PFS June 2020
As mentioned in some of my previous articles on the topic, Georgia is the epicenter of the syndicated conservation easements industry, which has been in the IRS’ crosshairs for quite some time. …
By Kenneth H. Bridges, CPA, PFS March 2020
“Syndicated conservation easements” have been the tax shelter du jour (especially amongst Georgia residents) for more than a decade now (in fact, we were first approached about these at least 18 years …
By Kenneth H. Bridges, CPA, PFS March 2020
In late 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted. Below is a summary of the highlights.
Elimination of the “Stretch IRA” – For persons who passed …
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
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 …