January / February 2019
Are your business interest expenses deductible?
Before the Tax Cuts and Jobs Act (TCJA), most business-related interest expense was deductible, although corporations couldn’t deduct interest paid to or guaranteed by a related party under certain circumstances. But for tax years beginning after 2017, the TCJA imposes a limit on business interest deductions, with exceptions for “small businesses” and electing real estate and farming businesses. This article explains why all businesses should evaluate the impact of the new deduction limit on their tax liability, and plan accordingly.

BDIT lets you give away property without losing control
To take advantage of the higher exemption amount under the Tax Cuts and Jobs Act (TCJA), many families that own businesses or other assets worth more than the pre-TCJA exemption amount are planning substantial gifts to their children or other loved ones during the next seven years. The drawback to gifting substantial assets is losing control of them. This article details the advantages of using a beneficiary defective inheritor’s trust in these situations. 

Relax, but don’t forget about taxes
Owning a vacation home requires tax planning

A vacation home can be many things to different people. However a family plans to use their vacation home, it pays to understand the tax rules regarding income and expenses associated with the property. This article explains the tax implications of owning a vacation home.

Tax Tips
Employers can use 401(k) plans to help employees pay student loans

These brief tips detail the IRS’s student loan repayment program that employers can provide to employees, examine the bills that may be included in Tax Reform 2.0 and explain the finalized regulations on the substantiation and reporting rules for deductible charitable contributions.

Firm News:
New Team leaders join HMWC

HMWC CPAs & Business Advisors is pleased to announce that Jonathan Smeragliuolo, Tax Manager, and Myra Miller, Marketing Director, have joined the firm.

HMWC CPAs & Business Advisors | (714) 505-9000 | (714) 505-9200 F | cpas@hmwccpa.com