IS IT TIME FOR A COST SEGREGATION STUDY?

By | October 19th, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

Because of the economic impact of the COVID-19 crisis, many companies may want to conserve cash and not buy much equipment this year.  As a result, you may not be able to claim as many depreciation tax deductions as in the past.  However, if your company owns real property, there’s another approach to depreciation to [...]

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BEWARE OF “WASH SALES” WHEN SELLING SECURITIES

By | October 12th, 2020|Accounting and Auditing, Taxation, Uncategorized|

If you’re planning to sell capital assets at a loss to offset gains that have been realized during the year, it’s important to beware of the “wash sale” rule.  Under this tax rule, if you sell stock or securities for a loss and buy substantially identical stock shares or securities back within the 30-day period [...]

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Tax Calendar

By | October 1st, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

October 15 Personal federal income tax returns for 2019 that received an automatic extension must be filed today and any tax, interest, and penalties due must be paid. The Financial Crimes Enforcement Network (Fin CEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for [...]

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COLLEGE SAVINGS SHOWDOWN: 529s VS ROTH IRAs

By | September 25th, 2020|Accounting and Auditing, Estate planning, Taxation|

Many people assume that a 529 plan is the ideal college savings tool, but other vehicles can help parents save for college expenses, too.  Take the Roth IRA, for example.  Whether you should use one or the other (or both) depends on several factors, including how much you intend to contribute and how you’ll use [...]

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REPORTING A DISASTER’S EFFECTS ON YOUR FINANCIAL STATEMENTS

By | September 18th, 2020|Accounting and Auditing, Taxation, Uncategorized|

The COVID-19 pandemic has provided many lessons for business owners.  One is how to report the impact of a disaster on a company’s financial statements.  Under U.S. Generally Accepted Accounting Principles (GAAP), disasters such as this year’s crisis are referred to as “subsequent events,” of which there are two types: Recognized subsequent events.  These events [...]

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AMT LESS “TOOTHY” BUT MAY STILL TAKE A BITE

By | September 4th, 2020|Accounting and Auditing, Taxation|

For many years, the alternative minimum tax (AMT) posed a risk to many taxpayers in the middle – to upper – income brackets.  The Tax Cuts and Jobs Act (TCJA) took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption.  As a result, middle-income earners have had less to worry about, [...]

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