The excess business loss limitation is back

Do you remember the Tax Cuts and Jobs Act (TCJA) passed back in 2017? There have been so many other bills, acts, guidance and corrections to pay attention to since that act passed that even if you remember TCJA, you probably don’t remember everything. Who could? Well, let me refresh your memory about the excess …

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Proposed regulations could make reporting easier for small business

While it may feel, given the current state of the world, that it’s been about 15 years since the groundbreaking TCJA passed, in all reality it has been just shy of three years. In terms of tax law that makes it still just a baby, in need of several regulations and clarifications from the already-overloaded …

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Medical expenses 7.5% limitation extends to 2020

The 2017 Tax Cuts and Jobs Act (TCJA) brought about many reforms which benefited taxpayers. One such reform was the reduction in the medical expense deduction floor. Before TCJA, the limitation was set to go to 10%, so only medical expenses that exceeded 10% of one’s income would be deductible as an itemized deduction. This …

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