BCo Blog

2019 Annual Contribution Limit Increase for Retirement Plans

This week the IRS announced increases to the annual contribution limits for 401(k) and IRA accounts, effective January 1, 2019.   Both limits increased by $500, so the new annual contribution limit is $19,000 for 401(k) [...]

By |November 5th, 2018|Categories: Individual Tax, IRS, Retirement Planning|Comments Off on 2019 Annual Contribution Limit Increase for Retirement Plans

IRS Clarifies Rules Regarding When Rental Property Activity Should be Reported as a Schedule Business

According to the IRS, not all rental property activity should be reported on Schedule E.   If the property owner provides "substantial services" to short-term renters, the IRS says that the rental activity should be [...]

By |September 15th, 2018|Categories: Business Tax, Individual Tax, IRS, Real Estate|Comments Off on IRS Clarifies Rules Regarding When Rental Property Activity Should be Reported as a Schedule Business

With new regulations IRS all but sinks the ship on state workarounds for the $10,000 SALT limit

On August 24th 2018 the IRS issued proposed regulations regarding recent state’s creation of state tax credit programs in exchange for charitable contributions. A number of states, including California, have proposed creating charitable funds where [...]

By |August 26th, 2018|Categories: BCo Community News, Individual Tax|Comments Off on With new regulations IRS all but sinks the ship on state workarounds for the $10,000 SALT limit

Final regulations regarding substantiation for charitable contributions

On July 30th 2018 the IRS issued final regulations relating to the substantiation and reporting requirements for charitable contributions which address substantiation requirements for contributions of more than $500 and of clothing and household items. [...]

By |August 10th, 2018|Categories: Accounting & Bookkeeping, Individual Tax, IRS, Nonprofit Organizations|Comments Off on Final regulations regarding substantiation for charitable contributions

Intentionally Defective Grantor Trusts

An Intentionally Defective Grantor Trust (IDGT) is commonly used as an effective tool for estate tax planning. An IDGT is disregarded for income tax purposes, but it is a legally valid irrevocable trust for estate tax purposes.   Appreciating [...]

By |July 28th, 2018|Categories: Individual Tax, Trusts and Estates|Comments Off on Intentionally Defective Grantor Trusts

Deferral of Stock Options or RSU Income Available Under the Tax Act of 12/22/2017

In the past, non-statutory stock options (non-ISOs or ESPPs) and restricted stock grants/RSUs were considered taxable income at FMV at exercise/vesting, potentially creating a tax problem for an employee of a privately held company, as [...]

By |June 29th, 2018|Categories: Accounting & Bookkeeping, Business Tax, Individual Tax, IRS|Comments Off on Deferral of Stock Options or RSU Income Available Under the Tax Act of 12/22/2017