Author Archives: mgracey

July 31:                        Deadline for calendar-year Employee Benefit Plan sponsors to file Forms 5500, 5500-EZ or 5500-SF, Annual Return/Report of Employee Benefit Plan, or receive an automatic extension to file on November 15 July 31:                        Due date for businesses to file 2nd quarter 2017 payroll tax returns and federal unemployment tax September 15:            Due date for […]

For more than three decades, IRS partnership audits have operated under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which required individual partners to pay their share of a partnership’s tax underpayments identified in an IRS audit, unless the partnership elected to be taxed at the entity level.  Since TEFRA’s enactment, partnerships have proliferated […]

Over the next two decades, millions of business owners will sell or transfer several trillion dollars’ worth of privately held business assets. Proper valuations of these entities using an asset approach, an income approach and/or a market approach will provide worthwhile information to both buyers and sellers. However, when using the income or market approaches […]

On May 25, 2017, Florida Governor Rick Scott signed legislation that affects a wide range of sales and use tax, corporate income tax and property tax issues impacting businesses located in the state.   For businesses, H.B 7109 reduces the sales tax rate on the rental of commercial real estate from current 6 percent to […]

Purchasing a vacation home provides an individual with a place to get away and relax as well as an opportunity to generate significant cash flow when they rent out those properties throughout the year. However, the IRS will generally consider the rent paid by tenants to be taxable income to the owner and potentially subject to […]