Spring is a common time for families to consider moving. As one school year comes to an end, there is usually ample time during the summer months for families to move into new homes before the start of a new school year in the fall. Selling one’s family home, however, comes with some important tax […]
On May 4, real estate developers and wealthy foreign investors received good news from the U.S. government, which extended the EB-5 visa program until September 30, 2017. The controversial program provides foreign investors and their families with an expedited path to U.S. citizenship in return for a $500,000 minimum investment in a U.S. project that […]
For the 2017 tax year, eligible businesses may take what is referred to as a Section 179 deduction for up to $510,000 in costs incurred to acquire qualifying equipment and property used in a trade or business. That amount, which is adjusted annually for inflation, is reduced dollar-for-dollar by all Section 179 property put into […]
With hurricane season upon us, businesses in South Florida and all along the east coast should have an emergency plan in place to safeguard their organizations before and after a disaster occurs. What types of situations can impede normal business operations? How can a business protect itself from these events, which may include power outages, burst […]
On May 12, 2017, a global ransomware attack named WannaCry impacted businesses, governments and individuals in more than 150 countries. Luckily the damage it could have caused was limited with quick thinking by an IT pro. Ransomware is malicious software that blocks data owners from accessing their own systems and data. Once criminals have control […]
There is a well-known proverb: to err is human; to forgive, divine. As humans, we do err from time-to-time. Contrary to popular belief, the IRS understands that everyone makes mistakes. Therefore, the agency will grant certain taxpayers a one-time waiver from penalties if they fail to timely file returns or pay and deposit tax liabilities. […]
Under the Internal Revenue Code, taxpayers who work from their homes may be able to deduct certain expenses related to the business use of their residence, regardless of whether they own the property or rent it from another party. These deductions, for items that can include mortgage interest, insurance, utilities, repairs, and depreciation, help to […]
Time is ticking away for businesses with operating leases to comply with new lease accounting standards that were issued a little more than a year ago by the Financial Accounting Standards Board (FASB). While the deadlines for public and private companies to implement the new rules is at least a year away, significant time and […]
Individual taxpayers who gamble for pleasure are subject to federal income taxes on their winnings. This includes not only the monetary spoils earned from playing lotteries or betting at casinos but also the fair market value of non-cash prizes, such as cars and trips. Similarly, individuals who are not so lucky may have an opportunity […]