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Real Estate & QBI
The IRS issued a final ruling explaining how to qualify for a real estate income safe harbor to receive the Qualified Business Income (QBI) deduction. You will need to make this safe harbor determination annually. QUALIFICATIONS To qualify for a safe harbor for a real estate rental income deduction under section 199A, taxpayers must meet […]
Rental Income Taxes
Homeowners in Boerne and New Braunfels may want to consider lowering their tax liability through renting their home to visitors staying in town for popular local festivals. One of our newest tax staff accountants wrote an article for the Boerne Business Monthly on rental income tax. We are very happy to have Mark as part […]
New Accounting Rules for Leases
In February 2016, the Financial Accounting Standards Board (FASB) issued the final rules for lease accounting. This new lease standard will affect organizations with real estate, equipment and other similar type operating leases. Generally, leases with term in excess of 12 months will be recorded on the balance sheet as an asset (right to use […]