Luke Pearce

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So far Luke Pearce has created 4 blog entries.

Treasury Guidance on Global Intangible Low-Taxed Income (GILTI) and Deduction for Dividends from Foreign Corporations

The Treasury Department and the IRS recently released several pieces of guidance related to the global intangible low-taxed income (GILTI) provisions and the deduction for dividends received from foreign corporations that were enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA). The GILTI provisions require income to be reported in the [...]

2019-07-25T10:40:26-04:00July 24th, 2019|INDIVIDUAL TAX|

Depreciation Benefits Make Investment More Affordable

Depreciation is a major source of tax deductions for most businesses. Depreciation methods used for internal management purposes are often times different than those methods used for tax purposes. It’s worth analyzing your processes in this area every year to make sure you are fully using the incentives provided in the Tax Code. A depreciation [...]

2019-07-24T17:09:17-04:00July 23rd, 2019|BUSINESS TAX|

Vehicles and Taxes: What Every Business Owner Needs to Know

Most businesses rely on vehicles to get materials, people, and products where they need to be to meet customer needs. The cost of operating those vehicles can be deducted from taxable income. Businesses can generally use one of two methods to figure out their deductible vehicle expenses: Standard mileage Actual expenses Standard Mileage Calculating the [...]

2019-07-24T16:53:14-04:00July 23rd, 2019|BUSINESS TAX|

IRS Provides Guidance on Qualified Business Income (QBI) for Cooperatives

The IRS has released proposed regulations (REG-118425-18) to help cooperatives and their patrons calculate the deduction for qualified business income (QBI). The proposed regulations also provide guidance for agricultural or horticultural cooperatives and their patrons regarding the deduction for domestic production activities. A related proposed revenue procedure (Notice 2019-27) details methods for agricultural or horticultural [...]

2019-07-23T13:50:31-04:00July 23rd, 2019|BUSINESS TAX|
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