- Firm Director, Ed Kollar, shares with the PICPA how the Tax Cuts and Jobs Act (TCJA) affects taxpayers with natural resource sector interests.
- The Tax Cuts and Jobs Act imposed a ceiling on the federal itemized deduction for state and local taxes so a number of states passed legislation to circumvent it; the government wasn’t pleased and made that clear. States reacted by seeking an injunction.
- Learn about the transitional guidance on the deductibility of expenses for certain business meals under section 274 as amended by the Tax Cuts and Jobs Act (TCJA).
- Section 1231 generally defines business property as depreciable property used in trade or business that has been owned for at least 1 year. This includes things such as buildings, equipment, and land. It does not include inventory or self-created intellectual property. However, the tax code has subsets of 1231 property. Much like a house is divided into rooms, so too is the taxation of business property.
- How does oil and gas property get taxed? This is an important question when considering oil and gas investments. This is a brief introduction into section 1254 property and recapture, two important areas to understand for oil and gas ownership/investments.