INSTALLMENT SALES MAY ATTRACT PROPERTY BUYERS

By | July 27th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

Because of this year’s unforeseen economic slowdown, many businesses and individual are unexpectedly looking for liquidity.  One way to raise cash is to sell off real property such as land or a building.  Finding a buyer may not be easy, but an installment sale might help. An installment sale occurs when you transfer property in [...]

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CHARITABLE GIVING IN A TIME OF CRISIS

By | July 20th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

The sudden and severe impact of the novel coronavirus (COVID-19) pandemic has created much financial stress, but the crisis has also generated an intense need for charitable action.  If you’re able to continue donating during this difficult period, the Coronavirus Aid, Relief, and Economic Security (CARES) Act may make it a little easier for you [...]

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DON’T FORGET ABOUT THE PAYROLL TAX CREDIT

By | July 13th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

For many businesses, retaining employees has been difficult, if not impossible.  If your company has been able to keep all or some of its workers, you may still be able to qualify for the payroll tax credit created under the Coronavirus Aid, Relief and Economic Security (CARES) Act, known as the Employee Retention Credit. ASSESSING [...]

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Tax Calendar

By | July 1st, 2020|Accounting and Auditing, Business, Taxation|

July 15* Due date (without extension) for the following: 2019 individual income tax payments and return filing on Form 1040.2019 calendar-year corporate income tax payments and return filing on Form 1120.2019 estate and trust income tax payments and return filing on Form 1041.2019 calendar-year exempt organization return filing on Forms 990 or 990PF and business [...]

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THE MARRIAGE PENALTY STILL EXISTS UNDER THE TCJA

By | June 22nd, 2020|Estate planning, Taxation, Uncategorized|

One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers.  This is the “marriage penalty.” Unfortunately, this hasn’t gone away under the Tax Cuts and Jobs Act (TCJA).  For example, through 2025, the TCJA [...]

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KEEPING UP WITH THE NET OPERATING LOSS RULES

By | June 8th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs.  When filing your 2019 income tax return, you might find that your business has an NOL – and you may be able to turn it to your tax advantage.  But the rules applying to NOLs have changed and [...]

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