BA Harris LLP

Opportunity Zone Investments

Published on Tuesday, December 11, 2018

For decades, one of the most popular tools to defer taxes on capital gains has been the 1031 Exchange, offering almost unrivaled potential in the tax planning arena. However, the Tax Cuts and Jobs Act of 2017 has introduced The Opportunity Zones Program (OZP) which may benefit certain patient investors by providing an even more lucrative option than a 1031 exchange. The initiative offers taxpayers with large investment gains not only tax deferral, but tax savings of up to 15% of the original gain and even 100 percent of the gain from the subsequent disposition of your investment in the Qualified Opportunity Zone (QOZ). Unlike a 1031 Exchange, the OZP is not limited to real estate gains or exchanges, nor must the new investment be “Like-Kind” Additionally, the OZP offers the ability to keep some cash from the originating capital gain transaction (up to your basis in that capital gain asset) and you have 180 days to reinvest some or all of the remaining gain (without a qualified intermediary). Read More...

Recordkeeping Retention

Published on Friday, November 30, 2018

Recordkeeping Retention Read More...

Informational Return Reminders

Published on Tuesday, November 27, 2018
As we approach the end of the year it is a good time to start thinking about informational return (Forms 1099, etc) requirements. We have included a link to a blog we posted last year highlighting the filing requirements. We also want to specifically point out that these filing requirements also pertain to payments made in connection with owning rental real estate.  If you have any questions regarding informational returns, please don't hesitate to contact our office. Read More...

Feeling Charitable?

Published on Tuesday, July 10, 2018

With tax reform changes in effect in 2018, deductions for charitable giving just got a bit more complicated. The increase in the standard deduction to $24,000 for Married Filing Joint returns and $12,000 for Single filers means that charitable donations might not result in a taxable deduction as they have in the past. That is because the sum of all itemized deductions on Schedule A of Form 1040 will need to exceed the $24,000 threshold before any extra tax benefit is realized. While the $24,000 is an increased benefit to most taxpayers, it makes traditional charitable giving less attractive tax-wise if a taxpayer is unlikely to exceed the standard deduction. However, there are a couple of options that can maximize the tax benefits of giving under the new tax regime.   Read More...

Second Quarter Estimated Tax Payments

Published on Friday, June 08, 2018

With summer knocking on the door we just wanted to remind estimated tax payers your second quarterly payment is due next Friday, June 15th. If you have any questions, don’t hesitate to contact our office. Read More...