Accounting and Tax Blog

United States Virgin Islands Impedes Tax Refunds

The United States Virgin Islands (USVI) is a territory of the United States and has been granted a level of autonomy regarding tax collection and administration.

When a resident of the USVI files a tax return, that tax return is the same return that is filed for mainland taxpayers, but the return and tax (except for self-employment taxes) is submitted and remitted to the Bureau of Internal Revenue (BIR). 

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New Qualified Business Income Deduction – Do You Qualify?

One of the most talked about changes to come out of the Tax Cuts and Jobs Act passed at the end of 2017 is the new Qualified Business Income Deduction that was created under Section 199A. In general, the deduction equals 20% of Qualified Business Income (QBI) and is generally available to owners of pass-through businesses, such as sole proprietorships, LLCs and S-Corporations.

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Georgia Rural Hospital Credits – How They Can Help You

For individual taxpayers, one of the biggest changes that came with the Tax Cuts and Jobs Act of 2018 is the $10,000 cap on state and local tax itemized deductions. While the new tax legislation brought many positives for taxpayers, this cap on the state and local tax itemized deductions is certainly a negative for those taxpayers that are subject to state income taxes, like those of us who live in Georgia.

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