NEWS

FROM THE CASEY NEILON TEAM

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

Year-end planning for 2018 takes place against the backdrop of a new tax law—the Tax Cuts and Jobs Act—that make major changes in the tax rules for individuals and businesses. For individuals, there are new, lower income tax rates, a substantially increased standard deduction, severely limited itemized deductions and no personal exemptions, an increased child tax credit, and a watered-down alternative minimum tax (AMT), among many other changes

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

Year-end planning for 2018 takes place against the backdrop of a new tax law—the Tax Cuts and Jobs Act—that make major changes in the tax rules for individuals and businesses. For businesses, the corporate tax rate is cut to 21%, the corporate AMT is gone, there are new limits on business interest deductions, and significantly liberalized expensing and depreciation rules. And there’s a new deduction for non-corporate taxpayers with qualified business income from pass-through entities.

The IRS has issued a Proposed Revenue procedure that details a safe harbor for determining when a rental real estate enterprise will be treated as a trade or business for the new Section 199A deduction.  This revenue procedure is welcome news indeed for tax practitioners and owners of rental real estate, as this was one of the murkier areas of the new tax law.

Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficultly of this task depends upon how well you maintained your tax records throughout the year. No matter how good your record keeping was, arriving at your tax appointment fully prepared will give us more time to:

  • Consider every possible legal deduction;
  • Evaluate which income reporting methods and deductions are best suited to your situation;
  • Explore current law changes that are affecting your tax status; and
  • Talk about tax-planning alternatives that could reduce your future tax liability.

Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that date to expressly provide that alimony received is not included in the recipient’s income, alimony will no longer be deductible by the payer and won’t be income to the recipient.  This is in stark contrast to the treatment of alimony payments under decrees entered into and finalized before the end of 2018, for which alimony will continue to be deductible by the payer and income to the recipient.

I often get asked the question “If I roll over my investment, I don’t have to pay tax.  Right?”, and up until now, I’ve had to answer “It just doesn’t work that way”.  It’s never the answer that my clients want to hear.  Now, however, I can say “Well have you heard about the new Opportunity Zone Funds?”.  You can imagine that being able to defer or even permanently exclude some gains from tax is something that many entrepreneurs are really interested in.  So how can you take advantage of this new opportunity?

Tax Reform, otherwise known as the Tax Cuts and Jobs Act (TCJA) has made significant changes to the way we will all file business tax returns this year.  The changes are extensive, and many of the changes require additional guidance from the IRS before we fully understand how they are to be applied in complex situations.  For that very reason, we recommend that you take action now to understand your specific situation and how you will be impacted by the changes.  Additional discussions on the changes and even updated tax projections are likely necessary to ensure that you make the correct moves this year.

Tax Reform, otherwise known as the Tax Cuts and Jobs Act (TCJA) has made significant changes to the way we will all file our tax returns this year. Some of the changes will be advantageous and some will not. The changes are extensive, and many of the changes require additional guidance from the IRS before we fully understand how they are to be applied in complex situations. For that very reason, we recommend that you take action now to understand your specific situation and how you will be impacted by the changes. Additional discussions on the changes and even updated tax projections are likely necessary to ensure that you make the correct moves this year.

Carson City, NV, July 1, 2019: Casey Neilon is pleased to announce today that Darsi Casey, Managing Shareholder of Casey Neilon, recently traveled to Dubai, United Arab Emirates, to strategize with Alliott Group’s international leadership team.  The conference, entitled Together Towards Tomorrow, included leaders of accounting and law firms from 29 different countries.

Carson City, NV, February 22, 2019: Casey Neilon is pleased to announce today that Darsi Casey, Managing Shareholder of Casey Neilon, has been promoted from Chair of the North American Region for Alliott Group to Deputy Worldwide Chair of the Board of Directors and Executive Board Member.  This promotion will allow Darsi to help shape the future of Alliott Group to create opportunities for entrepreneurs with global intentions.

Reno, NV, June 22, 2018: Casey Neilon is pleased to announce today that Nicola Neilon, company co-founder and CFO, is now authorized as an Independent Certified Public Accountant to conduct audits of Montana domiciled captive insurance businesses. Captive Insurance firms are a highly specialized type of organization with unique needs for audits and compliance documentation. Ms. Neilon brings her years of expertise to firms in Montana to expedite the audit process, providing an additional layer of assurance and peace-of-mind to what can otherwise be a complex and bewildering process.

Leslie Kidd and Thaaron Kalt have recently earned their Certified Public Accountant (CPA) designations and have been issued their licenses by the Nevada State Board of Accountancy. To qualify, they had to pass a rigorous, four-part written exam, earn a four-year college degree along with completing additional credit hour requirements, and complete at least two years of experience in public accounting.

Darsi Casey, co-founder of Casey Neilon, has long believed in giving back to her community. Darsi’s commitment to giving back was recently acknowledged publicly when she was sworn in as a “special advocate” in First Juvenile District Court in Carson City, NV on Wednesday, May 30, 2018.