What interested our readers most in 2019? The 20% pass through deduction tops the list, followed closely by the tax law’s impact on itemized deductions and changes to nonprofit financial reporting. Take a look at our most read blogs.

Top 10 of 2019

1. Do Triple Net Leases Qualify for the Section 199A Safe Harbor? The 199A deduction, sometimes referred to as the 20% Pass Through Deduction, allows business owners to take a deduction for up to 20% of their qualified business income (QBI) from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate. Under a safe harbor, taxpayers can treat rental real estate enterprise as a trade or business and claim the deduction, but does this apply to triple net leases, too?
   
   
2. The New Tax Law and its Impact on Itemized Deductions Prior tax law allowed taxpayers, if they qualified, to reduce their taxable income by claiming a certain variety of personal deductions (itemizing). These deductions included mortgage interest, state and local income or sales taxes, property taxes on their homes and cars, charitable contributions, and certain miscellaneous deductions. Under the TCJA, the standard deduction nearly doubles for taxpayers, thus making itemizing less likely for a large number of taxpayers.
   
   
3. Nonprofit Financial Reporting FAQs: Statement of Functional Expenses As part of applying the adoption of the Accounting Standard Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, the functional expense report is now a required statement for all not for profit organizations. This blog covers several of the questions that have repeatedly come up since ASU 2016-14 was issued.
   
   
4. IRS Announces 2019 Tax Rates for Individuals There were a number of changes to individual tax figures in 2019, including changes to the alternative minimum tax (AMT), retirement contributions and more.
   
   
5. 2019 Estate and Gift Tax Update December 2017’s tax overhaul presents some unique opportunities for estate planning in 2019 and beyond, including a significant increase in federal estate, gift and generation skipping transfer tax exemption amounts.
   
   Stay tuned for our 2020 Estate and Gift Tax Update.
   
   
6. FAQs: The Real Estate Industry & The Business Interest Expense Deduction Limitation real estate investors…are you aware of the changes December 2017’s Tax Cuts and Jobs Act (TCJA) made to the business interest expense deduction? Our blog covers some frequently asked questions about the limitation on this deduction, also known as the Section 163j limitation, as it relates to the real estate industry.
   
   
7. Should You Switch Your Business to a C Corp? Due to changes under the Tax Cuts and Jobs Act (TCJA), many business owners are wondering what the optimal structure for their business is now. Changes in federal tax rates have many considering making a switch to C corporation status. Is this a good idea? What does a change like this entail? We explore in this blog.
   
   
8. What are the Final Regulations for the 20% Pass-through Deductions One of the most complicated provisions of December 2017’s Tax Cuts and Jobs Act (TCJA) is the brand new code Section 199A deduction, otherwise known as the 20% pass-through deduction. This blog clears up common areas of confusion.
   
   
9. Deadline For Filing Form 1099 Is January 31 Business owners, did you pay anyone besides employees more than $600 this year? You are required to send IRS Form 1099-MISC to these individuals and non-corporate business entities by January 31st.
   
   Here's an updated version of this blog.
   
   
10. State Tax Outlook for 2019 The Tax Cuts and Jobs Act (TCJA) and the Wayfair ruling certainly made a mark on the state tax climate these past couple years. Learn more about what state tax trends will impact businesses and individuals in 2019 and beyond.

Stay tuned for updated blogs and check out our 2020 business and individual tax deadline calendars (keep in mind that some of the blogs above reflect 2019 deadlines). Feel free to reach out to us if you have any questions.

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