Proposed Regs on Pass-Through Deduction Generate Mixed Reviews
The IRS’s proposed pass-through deduction regulations are
generating mixed reactions on Capitol Hill. The 184-page proposed
regulations, REG-107892-18, aim to clarify certain
complexities o...
Brady Unveils Tax Reform 2.0 Framework
The House’s top tax writer has unveiled Republicans’ "Tax
Reform 2.0" framework. The framework outlines three key focus
areas:....
AICPA: Immediate Guidance Needed on S Corporation Issues
Taxpayers and practitioners need clarity on certain S corporation
issues by next tax filing season, the American Institute of CPAs
(AICPA) has said. In an August 13 letter sent to Treasury and the
IRS...
Tax reform discussions continue in Congress on variety of approaches
House and Senate lawmakers have started their August recess,
leaving pending tax legislation for after Labor Day. In past years,
September has been a busy month for tax legislation and this year
is li...
FAQ: Why use a partnership instead of an S corporation?
Taxpayers that plan to operate a business have a variety of
choices. A single individual can operate as a C corporation, an S
corporation, a limited liability company (LLC), or a sole
proprietorship. ...
IRS fine-tunes offshore voluntary compliance program
Since 2009, the IRS has operated an Offshore Voluntary Disclosure
Program (OVDP) for U.S. taxpayers who have failed to disclose
foreign assets or report foreign income from those assets to the
IRS or ...
Timing gains and losses: selloff before rising rates
In 2012, many taxpayers will have additional considerations when
analyzing whether to sell investments before the end of the year or
retain them in 2013. First, the Bush-era tax cuts are scheduled to
...
How do I? Make a Section 83(b) stock election
Stock is a popular and valuable compensation tool for employers and
employees. Employees are encouraged to stay with the company and to
work harder, to enhance the value of the stock they will earn. E...
Supreme Court hands down landmark health care decision; now what?
On June 28, the U.S. Supreme Court issued its long-awaited landmark
decision on the Patient Protection and Affordable Care Act (PPACA)
and its companion law, the Health Care and Education
Reconciliati...
How do I? Avoid pitfalls within a flexible spending account?
Under a flexible spending arrangement (FSA), an amount is credited
to an account that is used to reimburse an employee, generally, for
health care or dependent care expenses. The employer must
maintai...
FAQs: When can I deduct job-hunting expenses?
Job-hunting expenses are generally deductible as long as you are
not searching for a job in a new field. This tax benefit can be
particularly useful in a tough job market. It does not matter
whether y...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withholding
...
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
costs paid...
FAQ: Are long-term insurance premiums tax deductible?
Long-term care premiums are deductible up to certain amounts as
itemized medical expense deductions. The amount is based upon your
age. Unfortunately, most taxpayers do not have enough other medical
e...
Newsletters
Our sole purpose is to provide our clients with highly personalized legal and tax advice.
Welcome and thank you for visiting the website of Begley Law Offices, PA.
Since 1984, we have worked with hundreds of individuals and small to medium-sized businesses providing the best possible tax and legal services at affordable fees. We have formed countless rewarding business relationships throughout Minnesota and have helped our clients grow. Our site lists the various services we have to offer in addition to useful tax tools and information. Details regarding our office, meeting preparation, rates, and some commonly asked tax questions can be found on the FAQ page.
Also, please see in the Newsletter Section of our website other articles on tax planning.
Please feel free to contact us with any questions or comments you may have - we would love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
Sincerely,
The Begley Law Office
The information in this Web Site is for general guidance only, and does not constitute legal advice, tax advice, accounting services, investment advice, or professional consulting. The information should not and may not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making decisions or taking actions, consult a professional adviser who has been provided with all pertinent facts relevant in your particular situation.
This notice is required by IRS Circular 230, which regulates written communications about federal tax matters between tax advisors and their clients. To the extent the preceding correspondence and/or any attachment is a written tax advice communication, it is not a full “covered opinion.” Accordingly, this advice is not intended and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS.
