Sidney Kess

February 19, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: Owners of pass-through entities may be able to take a 20 percent deduction for their qualified business income. This personal deduction lowers the effective tax rate on profits from business activities. The question that many tax professionals have been asking since the QBI deduction was created by the Tax Cuts and Jobs Act of 2017 is whether this write-off applies to real estate activities. The IRS has helped to answer this question with respect to certain rental properties.

By Sidney Kess

7 minute read

January 14, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: As a result of the Tax Cuts and Jobs Act of 2017 (TCJA), new tax rules apply to divorce instructions executed after 2018 and may change planning for divorcing couples going forward.

By Sidney Kess

7 minute read

December 21, 2018 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: Qualified opportunity zone tax rules went into effect on Jan. 1, 2018. As yet, there are no existing investment opportunities, but here's what is known so far.

By Sidney Kess

5 minute read

November 30, 2018 | New York Law Journal

Tax Tips columnist Sidney Kess provides a roundup of what information you can use now to plan ahead as well as what could change to impact tax planning for the future.

By Sidney Kess

7 minute read

October 23, 2018 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: The Tax Reform Act of 1986 created the kiddie tax as a way to prevent parents from shifting investment income to children in order to cut the overall tax bill for the family. Over the years, the kiddie tax has undergone some changes, most notably in the age to which it applies. The Tax Cuts and Jobs Act of 2017 dramatically changed the way in which the tax is computed.

By Sidney Kess

6 minute read

September 21, 2018 | New York Law Journal

Tax Tips columnist Sidney Kess examines some key issues related to the QBI deduction for professionals in light of recently proposed regulations (REG-107892-18, released on Aug. 8, 2018 and published in the Federal Register on Aug. 16, 2018).

By Sidney Kess

8 minute read

August 20, 2018 | New York Law Journal

The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes for the taxation of gains and losses from securities transactions.

By Sidney Kess

6 minute read

July 16, 2018 | New York Law Journal

Interest rates are on the rise, albeit slowly. Still, individuals and businesses with debt can reduce the cost of borrowing if they can deduct their interest payments.

By Sidney Kess

2 minute read

June 18, 2018 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: The Tax Cuts and Jobs Act (TCJA), combined with rising mortgage rates, could impact homeowners. For now, prospective buyers and homeowners need to contend with what has and hasn't changed with respect to tax breaks for homeownership as a result of this tax legislation.

By Sidney Kess

1 minute read

May 14, 2018 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: The Tax Cuts and Jobs Act made many favorable tax changes for businesses. However, this same law also eliminated a number of write-offs that businesses have come to know and love.

By Sidney Kess

7 minute read