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Latest IRS Tax News

IRS Tax

Small Business Vehicle Deductions

Small business vehicle deductions Small businesses can benefit from deducting vehicle costs on their taxes Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible…
Ansari Law Firm
May 10, 2019
IRS Tax

Corporations will pay blended tax rate after tax reform

Corporations will pay blended tax rate after tax reform Last year’s tax reform legislation replaced the graduated corporate tax structure with a flat 21 percent corporate tax rate. This new maximum tax rate for corporations is effective for tax years beginning after Dec. 31, 2017. A corporation with a fiscal…
Ansari Law Firm
November 7, 2018
IRS Tax

Changes To Farmers Depreciation Deduction

Changes To Farmers Depreciation Deduction Depreciation is an annual income tax deduction. It allows a taxpayer to recover the cost or other basis of certain property over the time that they use it. When figuring depreciation, taxpayers consider wear and tear, and deterioration of the property, as well as whether…
Ansari Law Firm
November 5, 2018
IRS Tax

IRS Tax Reform Effect on Farmers Ranchers

IRS Tax Reform Effect on Farmers Ranchers Many farmers and ranchers will benefit from tax law changes brought about by last year’s Tax Cuts and Jobs Act. Here are some of those changes along with details about how they will affect farmers and their bottom line: Net Operating Losses: These…
Ansari Law Firm
November 1, 2018
IRS Tax

Qualified Business Income Tax Deduction

Qualified Business Income Tax Deduction Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates.  The deduction may also be claimed on certain dividends.  Eligible taxpayers can claim the deduction for the…
Ansari Law Firm
October 25, 2018
IRS Tax

Real Estate rehabilitation IRS tax credit

Real Estate rehabilitation IRS tax credit The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule: The credit is 20 percent of the taxpayer’s qualifying…
Ansari Law Firm
October 17, 2018
IRS Tax

100 percent depreciation deduction for Georgia businesses

100 percent depreciation deduction for Georgia businesses New 100-percent depreciation deduction benefits business taxpayers Tax reform legislation passed in 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service. Here are some facts about…
Ansari Law Firm
October 10, 2018
IRS Tax

Tax Accountant Penalty Defense Attorney

Tax Accountant Penalty Defense Attorney If you are a CPA and/or tax accountant, then, you have certain obligations to meet with the IRS when it comes to preparing tax returns for your clients. The most common penalties are broken down below. Call our office to discuss your options whether you…
Ansari Law Firm
October 9, 2018
IRS Tax

IRS Tax Attorney Gainesville GA

IRS Tax Attorney Gainesville GA Gainesville, GA, tax audit attorney Mansoor Ansari, has experience counseling clients from all walks of life, all income levels and nearly every profession. Nearly anyone with an income or assets can be targeted for a tax audit. Gainesville tax audit attorney Mansoor Ansari can protect your…
Ansari Law Firm
October 2, 2018
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