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February 22, 2019

Rental Real Estate and the Section 199A Deduction

By Rachel Gillespie, CPA, Principal
ASL Real Estate Group

In December of 2017, the Tax Cuts and Jobs Act was enacted by Congress, which gave us the most sweeping and dramatic changes to the Internal Revenue Code in more than 30 years.  The Act created the Internal Revenue Code Section 199A deduction which has the potential to help taxpayers reduce their liabilities with a 20% deduction against their “qualified business income”.  Section 199A provides individual taxpayers and certain trusts and estates a deduction for qualified business income from a partnership, limited liability company, S-corporation, sole proprietorship, trust or estate.  The deduction applies to tax years beginning after December 31, 2017 and before January 1, 2026. (more…)

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Categories: Tax Reform, Winter 2019
Tags: Qualified Business Income, Rachel Gillespie, Rental real estate, Section 199A Deduction, TCJA,
February 5, 2019

Benchmarking Contractor Financial Statements Leads to a Wealth of Information

By Deepa Bhat, CPA, Principal
ASL Construction Group

As we head into another busy tax season, I am mentally preparing myself to answer questions from my contractor clients on how they stack up within their industry and against their peers. Lucky for me, I have access to industry benchmarking data that makes my client conversations productive and informative. In addition, as a bonus, the benchmarking reports provide a deep insight into the Company’s present and, often, their future. (more…)

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Categories: Construction Corner, Winter 2019
Tags: Benchmarking, construction companies, Deepa Bhat, financial statements,

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