Restaurant companies have plenty of tax ideas to incorporate into their 2019 tax returns. With the help of our friends at Plante Moran, Robert Shefferly III and Brett Bissonnette, and my colleague Brian Tunis, we’ve compiled some of the best ideas for 2019 and 2020. 1. Depreciation. Make sure you’re taking advantage of bonus and […]
When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act are getting the most attention these days. But a tax law change enacted in 2015 also warrants your attention. That change generally prohibits the income tax basis of […]
The tax reform legislation is teeming with new rules, but I’d like to focus on how the new law affects the restaurant industry and how operators should respond to the changes. Along the way, I try to suggest some issues to consider as you go about your tax plans. I am grateful to Jeff Tubaugh […]
Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you need to file a gift tax return (Form 709). With the April 17 filing deadline approaching, now is the time to find out an answer. Return required A […]
In the February issue of Minnesota Real Estate Journal, Jeff Shea and Pat Weller consider the impact of the new tax reform bill on commercial real estate industry. The article discusses expensing increases under Section 179 of the tax code, enhanced bonus appreciation, and modifications to 1031 like-kind exchanges. Read the full article.
Dennis Monroe, along with Jeff Tubaugh of the accounting firm BDO USA, hosted a Restaurant Finance Monitor webinar on the impact of the new tax reform legislation. The webinar will took place Wednesday, January 17, 2018 and provided an up-to-date summary of the legislation and insights on the tax implications for restaurant companies. Among the topics Dennis […]
As Congress and President Trump pursue their stated goal of passing sweeping new tax legislation before the end of the year, many taxpayers are wondering how such legislation will affect them. One area of particular interest is estate planning; specifically, the future of gift, estate and generation-skipping transfer (GST) taxes. Potential estate tax law changes […]
As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. GST basics The GST tax is a flat, 40% tax on transfers to “skip persons,” including grandchildren, other family members more than a […]
There has been a great deal of speculation about the post-election tax policy and when it will, if at all, be implemented. What we would like to do in this article is not just speculate about the policy but provide some ideas you can use in the face all of this uncertainty. Most commentators believe […]
