By John Ammann, CPA Since early 2018, much has been said about the opportunity zone provisions that were enacted as part of the Tax Cuts and Jobs Act (TCJA). Designed to spur economic growth in select low-income communities across the U.S., the provisions designate more than 8,700 such communities as qualified opportunity zones (QOZs). Taxpayers […]
50 Shades of Gray: The Story of Business Tax Deductions
By Christopher Bertz, CPA Every business owner has, at one point, wondered if a particular expense was deductible. Thankfully, there’s a no-fail answer to this conundrum: “It depends.” That’s because the IRS defines business expenses as “the cost of carrying on a trade or business” and notes that they can generally be deducted by for-profit […]