Section 179D Energy Efficient Tax Credits Increased Under The Inflation Reduction Act of 2022

Synopsys: IRC Section 179D Energy Efficient Tax Credit Expansions   Section 179D Updates The Inflation Reduction Act of 2022 substantially increases the Internal Revenue Code (IRC) Section 179D energy-efficient commercial building deduction, which will benefit the architecture, engineering, … [Read more...]

Inflation Reduction Act of 2022: Tax Implications for Real Estate Investment Trusts (REIT), EV Incentives and 1031 Exchanges

Inflation Reduction Act of 2022: An Overview   Article Summary   Aim of the Inflation Reduction Act (IRA) Carried interest treatment Changes to Section 179D Incentives and Qualifications Increases to the R&D Tax Credit 15% minimum tax on large corporations (AMT) 1% excise tax on stock … [Read more...]

A Guide To Cryptocurrency Taxes

Cryptocurrency Tax Consulting | Millan & Co. P.C. | Certified Public Accountants   Cryptocurrency Tax Guide Summary   Cryptocurrency Taxes 101 Taxable and non-taxable crypto events  Calculating cryptocurrency tax Accounting methods for cryptocurrency Capital Gains and Cost Basis FIFO, LIFO … [Read more...]

Are Your Business Meals And Entertainment Expenses 100% Deductible?

  Article Summary   This article attempts to help provide clarification for taxpayers in avoiding conflicts with the IRS with respect to business meals. On January 1,2018, The Tax Cuts and Jobs Act (TCJA) invalidated the general deduction of business entertainment expenses. Nonetheless, as stated … [Read more...]

Biden’s Capital Gains Plan: Proposed Changes May Affect Your Current and Planned Investments

Biden's Proposed Tax Plan Includes Significant Capital Gains Changes The Biden administration has recently released its proposed budget (aka "Green Book") for the 2022 fiscal year. The U.S. Treasury indicates the $6 trillion budget aims to improve infrastructure, clean energy, research & … [Read more...]

Choice of Tax-Exempt Entity Status

By: James A. Bradley, CPA, MBT(Tax), Tax Manager at Millan and Co, PC, Austin, TX. August, 2019. jim@millancpa.com Do you want to form a nonprofit organization? What tax-exempt entity status should you choose? Should you select Section 501(c)(3), Section 501(c)(4), or Section 527 of the Internal … [Read more...]

How to Form a Nonprofit Organization in Texas

By: James A. Bradley, CPA, MBT(Tax), Tax Manager at Millan and Co, PC, Austin, TX. June, 2019. jim@millancpa.com A nonprofit organization is organized for charitable, educational, or religious purposes, and it can qualify for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. … [Read more...]