B.A. Harris Blog

Opportunity Zone Investments

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).


Recordkeeping Retention

Recordkeeping Retention You may be in the garage looking at boxes of tax records and wondering if you can finally shred some of them.  Although we often recommend six years, the answer is, it depends! So, how long do you have to keep your individual tax returns?  The usual answer from the IRS is at least three years after the filing date, but there might be extenuating circumstances.  Also, keep in mind the three-year limit only applies from the date the IRS has the document in its possession.


Informational Return Reminders

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.


Feeling Charitable?

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.


Second Quarter Estimated Tax Payments

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. We hope you have a wonderful summer!

1 ..34567... 12

Ready to chat?
So are we.

Feel free to contact us with any questions or needs you have. We will get in touch with you right away.


Subscribe to our newsletter, and get periodic updates from our blog as well.

Select a professional to schedule a meeting with.

Arla Kester CPA, Partner

Arla Kester

Tyler Nyman CPA, Partner

Tyler Nyman

Karris Kimball CPA, Manager

Karris Kimball

Tara O’Connor CPA, Manager

Tara O’Connor

Greg Stalling CPA, Manager

Greg Stalling