In late 2019, Congress made some significant tax changes taking effect in the 2020 tax year that may apply to many retiree taxpayers. The Secure Act of 2019 made changes to Required Minimum Distributions (RMDs) as well as Qualified Charitable Distributions (QCDs) that are worth noting. One of the changes worth mentioning relates to the…

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Part of the government funding legislation that the President recently signed into law included a provision repealing Section 512(a) (7), commonly referred to as “the parking tax.” The repeal of the parking tax was included in the ‘Further Consolidated Appropriations Act of 2020,’ which contained a number of tax provisions. Section 512(a) (7) was originally…

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On May 5, 2019, Governor Holcomb signed into law Senate Enrolled Act #565 updating numerous tax provisions including updates to both Section 179 and bonus depreciation when property is acquired in a trade.  We now have two separate Section 179 limitations. The Section 179 limit for property acquired in a trade is generally limited to…

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