Strat­egy

Accounting Today - - Taxpractic­e -

state sell­ers to col­lect sales tax.

Both in­di­vid­u­als and busi­nesses

20 per­cent de­duc­tion. Pass-through busi­nesses will be re­quired to be in­volved in pro­vid­ing nec­es­sary in­for­ma­tion for own­ers to cal­cu­late their 20 per­cent de­duc­tion.

Like-kind ex­changes. Like-kind ex­changes are only avail­able for real prop­erty not held pri­mar­ily for sale.

Qual­i­fied Op­por­tu­nity Zones.

Tax­payer should re­view pos­si­bil­i­ties for de­fer­ring any gain on the sale of real or per­sonal prop­erty by in­vest­ing the gain in a Qual­i­fied Op­por­tu­nity Fund within 180 days of the sale.

Ten-day rule for tax soft­ware up­dates.

Many states are im­ple­ment­ing re­quire­ments that tax re­turns will not be ac­cepted if they do not in­cor­po­rate tax soft­ware up­dates that were re­leased more than 10 days be­fore the fil­ing.

Tax re­turn pre­par­ers

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