The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017 that was amended by the CARES Act of 2020. The 2017 tax overhaul limited the business deduction as...
A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider tax consequences. To start with, trust beneficiaries typically need to pay tax on the interest income...
Many small businesses have been forced to reimagine their business models to keep doors open and continue serving customers. Switching to online sales and using social media platforms to offer merchandise for sale locally have served retail firms. Gyms and fitness centers not only offer...