Ivy Ting-Wimberly

Tax Implications of Goodwill

Tax Implications of Goodwill Here’s a primer to help you avoid confusion about goodwill: As the seller, you have self-created goodwill when the total sales price of your business exceeds the fair market value of its assets, both tangible and intangible. You have...

Changes to Your Tax-Free Supper Money

The Tax Cuts and Jobs Act (TCJA) Changes to Your Tax-Free Supper Money Here’s how the TCJA applied its tax reform to your supper money meal allowances. Before tax reform, you deducted 100 percent of the supper money cost. Now, because of tax reform, your tax deduction...

Tax Reform Changes Affecting Partnerships and LLCs and Their Owners

Tax Reform Changes Affecting Partnerships and LLCs and Their Owners The Tax Cuts and Jobs Act (TCJA) includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax purposes and their members. Most of the changes...

Be Alert to the TCJA Tax Reform Attack on IRA Recharacterizations

Be Alert to the TCJA Tax Reform Attack on IRA Recharacterizations When you convert your existing traditional IRA into a Roth IRA and then reverse the transaction by switching the account back to traditional IRA status, the reversal is called a recharacterization in...

Will Renting Your Home Destroy Your $250,000 Exclusion?

Will Renting Your Home Destroy Your $250,000 Exclusion? The days when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes are gone. Here’s how the $250,000/$500,000...