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New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Taxpayers can generally rely on all of these new final and proposed rules.


The IRS has provided safe harbors for business entities to deduct certain payments made to a charitable organization in exchange for a state or local tax (SALT) credit. A business entity may deduct the payments as an ordinary and necessary business expenses under Code Sec. 162 if made for a business purpose. Proposed regulations that limit the charitable contribution deduction do not affect the deduction as a business expense.


So, Rita's an EA...Just what does that do for me? While the Enrolled Agent license was created in 1884 and has a long and storied past, today’s EAs are the only tax professionals tested by IRS on their knowledge of tax law and regulations. 40,000 EAs nationwide provide tax preparation, representation, tax planning, and other financial services to millions of individual and business taxpayers. EAs adhere to a code of ethics and professional conduct and are required by IRS to take continuing professional education.

The "Nanny Tax" applies to employers of household employees, including but not limited to nannies. If you employ a nanny, home health care worker, or other household employee, read about your tax implications.


Rita Lewis will highlight issues that have been of concern to her clients.  Rita's Blog:  2019 Update on tax laws...