Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that knows the Self Storage business, that works in all 50 states and is there for you when you need him?
"We highly recommend Jerry Jones, a CPA in Reno, NV to anyone who is interested in being advised in all areas of their tax planning in an efficient and expert manner. He is a very dedicated individual who works hard for his clients, handling all of his clients personally, and follows through on every part of the tax-filing process. Jerry is extremely knowledgeable with the regulations and requirements needed to successfully calculate both personal and business taxes, and is vigilant in keeping up with the latest laws, updates, and changes. Jerry is a creative thinker who has always made himself available outside of normal business hours to answer our questions. We particularly appreciate the occasional emails he sends out apprising his clients of changes to the tax code that could affect us. If you are looking for an engaged, and thoroughly competent CPA, look no further."
Chris & Amanda Schroeder, Reno, NV

Voices Pros and cons of the new tax law for real estate owners

By Heidi Henderson

The new tax laws have both experts and amateurs pouring over the details as the upcoming tax season dawns. For real estate owners, however, there's one surefire boon: bonus depreciation.

Under the prior law, there was a 50% bonus depreciation for property placed in service in 2017, 40% for 2018, and 30% for 2019. Qualified property has to be new, not used.

Under the new law, there's 100% bonus depreciation for property placed in service after Sept. 27, 2017, and before 2023, 80% for 2023, 60% for 2024, 40% for 2025 and 20% for 2026. The acquisition date for property purchased with a written contract is the date of the contract.

Qualified property includes property acquired by purchase if a taxpayer has not previously used the property, so the property does not have to be new, as long as it's not acquired from a related party. A qualified property does not include property used in a business that is not subject to the net business interest expense limitation (see below), but it does include property used in farm business. The law also adds a new category for qualified film, TV, and live theatrical production property. Taxpayer can elect a 50% bonus for 2017.

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Section 179 expensing has also increased to include roofs, HVAC systems, fire protection, alarm systems and security systems, with the allowable expense increased from $500,000 to $1,000,000 in 2018, and the phase-out deduction increased to $2.5 million. These rules now include tangible personal property acquired for rental properties, furniture and appliances.

Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency

watch-out-4-erroneous-refunds-jerry-jones-cpaWASHINGTON – The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed.

Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme after discovering more tax practitioners' computer files have been breached. In addition, the number of potential taxpayer victims jumped from a few hundred to several thousand in just days. The IRS Criminal Investigation division continues its investigation into the scope and breadth of this scheme.

These criminals have a new twist on an old scam. After stealing client data from tax professionals and filing fraudulent tax returns, these criminals use the taxpayers' real bank accounts for the deposit.

Thieves are then using various tactics to reclaim the refund from the taxpayers, and their versions of the scam may continue to evolve.

Wire Fraud in Real Estate Transactions

By Doug McIntyre, President
Reno/Sparks Association of REALTORS®

According to a recent article in the Chicago-Sun Times, the FBI reported that in fiscal year 2017, nearly $1 billion ($969 million) was “diverted or attempted to be diverted” from real estate transactions, and wire to “criminally controlled” accounts. It occurs every day. Consumers, particularly those involved in a real estate purchase or rental, are prime victims.

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How tax reform could affect your small or midsize firm

By Rachelle Damico

  • Most small and midsize businesses will see a tax cut under the new law

  • Pass-through companies can deduct 20 percent of income

  • What to think about if you're thinking of changing your business structure

The Republican tax reform plan, signed into law by President Donald Trump in December, aims to encourage economic growth by adjusting how small and midsize businesses and corporations are taxed.

Many American companies will see significant tax cuts, as well as other benefits that can help drive growth.

"I think we'll see a lot of companies investing in higher salaries and benefits, because in such a tight labor market they're all struggling with how to attract talent, and when that's happening it's big pressure on salary and benefits," said Rob Fowler, president and CEO of the Small Business Association of Michigan.

However, the benefits for small and midsize businesses are complex. Rather than lowering the tax rate on all pass-through companies, the final bill allows pass-throughs to deduct up to 20 percent of their income based on what type of company they are.

"I could see some companies examining whether or not they are organized the best way," Fowler said. "A lot of people organized their company the way they did because of the federal tax law."

Kurt Piwko, partner at accounting and business advisory firm Plante Moran PLLC, said many of his business clients view the law favorably, but are confused as to how it will affect their company.

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