Planning Best Practices as a Catalyst for Economic Development

Economic development is often associated with TIFs, CRAs, JEDDs, and the alphabet soup of other acronyms used by local governments to convince developers to choose their community as the site for new development. But establishing intuitive, user-friendly land use and development policies and procedures is an equally important and often overlooked method of attracting and retaining development. [More]

Business Owners: Be Aware of Filing Deadlines for the Qualified Business Income Deduction

There has been a great deal of ‘buzz’ lately over the Qualified Business Income Deduction (QBID). The QBID was recently made available to pass through business owners under the Tax Cuts and Jobs Act that the President signed into law in 2017. Under new Internal Revenue Code Section 199A, pass through business owners are eligible to take up to a 20% deduction against their income from a qualified business. However, there is a risk that if the business is not compliant or late in filing its W-2 wage statements, its owners could lose their entire deduction for the year. While reasonable cause penalty abatement is available for late or incorrectly filed W-2 wage statements, there is no such exception in new Section 199A. This makes it an all or nothing proposition to qualify to take the QBID. [More]