Tag: IRS

About Those Changes to the Business Interest Deduction

About Those Changes to the Business Interest Deduction

The new tax law places limitations on the business interest deduction and the treatment of business interest expenses. The good news: An exception was made for real estate businesses.

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HELOCS Deductible for Capital Improvements, IRS Says

Filed in Codes and Regulations, Housing Finance, Remodelers by on February 21, 2018 1 Comment
HELOCS Deductible for Capital Improvements, IRS Says

In a victory for NAHB remodelers, the IRS today issued a letter clarifying changes to home equity loans and lines of credit to confirm that households may take a tax deduction when these loans are used for home improvements.

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Republican Tax Reform Plan Slams Middle Class

Filed in Capitol Hill, Codes and Regulations, Leadership by on November 2, 2017 31 Comments
Republican Tax Reform Plan Slams Middle Class

“The House Republican tax reform plan abandons middle-class taxpayers in favor of high-income Americans and wealthy corporations. The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives,” said NAHB chairman Granger MacDonald.

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IRS Announces Tax Relief for California Wildfire Victims

Filed in Business Management, Disaster Response by on October 16, 2017 0 Comments
IRS Announces Tax Relief for California Wildfire Victims

For those who qualify, the tax relief postpones certain filing deadlines, allows claims of casualty losses and provides penalty relief to some who file late.

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IRS Announces Tax Relief for Hurricane Harvey Victims

IRS Announces Tax Relief for Hurricane Harvey Victims

Much-needed tax relief will be available for individuals and businesses in the affected areas.

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Small Businesses See Big Savings With HRAs

Filed in Economics, Labor, Safety and Health by on August 31, 2017 0 Comments
Small Businesses See Big Savings With HRAs

“Affordable healthcare” is a bit of an oxymoron, and most small business owners will agree. As medical costs continually rise, employers who want to offer viable healthcare coverage options to their employees without breaking the bank need a sound strategy. NAHB played a critical role in bringing back one such cost-saving measure.

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Employers Face Earlier W-2 Deadlines, Higher Fines in 2017

Filed in Business Management, Economics by on December 12, 2016 0 Comments
Employers Face Earlier W-2 Deadlines, Higher Fines in 2017

As tax season approaches, it’s a good idea to keep two big payroll tax filing changes in mind: Jan. 31 is the new payroll tax filing date for 2016 W-2s and 1099 forms — a month earlier than the former filing date. The IRS has increased the penalties for: Filing to file the correct forms […]

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IRS Proposal Could Restrict Use of Tax Exempt Bonds by Development Districts

Filed in Codes and Regulations, Housing Finance by on February 23, 2016 1 Comment

The Internal Revenue Service has proposed new regulations for determining whether an entity is a political subdivision and permitted to issue tax-exempt bonds. This proposed definition leaves open the question of whether development districts should qualify as a political subdivision. Development districts are heavily relied upon in some areas of the country to finance and promote residential development.

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A Positive Change for IRS Repair Regulations

A Positive Change for IRS Repair Regulations

Responding to concerns voiced by NAHB members and other taxpayers, the Treasury Department and the Internal Revenue Service (IRS) have made a taxpayer-friendly change to tax regulations regarding repair and improvement expenses that took effect in 2014.

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Reminder: Moving Expense Deduction for Home Buyers

Filed in Codes and Regulations, Housing Finance by on August 21, 2015 1 Comment
Reminder: Moving Expense Deduction for Home Buyers

A recent tax tip from the IRS reminds home buyers about the deduction for moving expenses, which offers opportunity for home owners to reduce their taxes. The IRS note explains how home owners may be eligible to deduct the cost of their move on their federal tax return next year.

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