Business Owners

5 Reasons You Should Not Hold Real Estate in an S Corporation by John G. Ebenger, CPA

Posted on September 04, 2019 by John Ebenger

Savvy investors know that holding real estate in their individual names is a bad idea that exposes them to a broad range of legal risks and personal financial liabilities. Instead, U.S. tax laws permit investors to structure their real estate holdings into separate business entities, such as partnerships, limited liability companies (LLCs) and corporations, which […]

Hurricane Dorian – It’s Not too Late for Businesses to Plan Ahead for Storms by Daniel Hughes, CPA

Posted on August 29, 2019 by Daniel Hughes

As Hurricane Dorian menaces the Florida coast, it is not too late for businesses to prepare for the threat of a potential disaster that can interrupt normal businesses operations and cause millions of dollars in damages and lost revenue. Following are just a few things that businesses should consider as part of a well-thought-out disaster-preparedness […]

New Tax Law Limiting Deductions for Interest Expense Impact M&A Transactions by Lewis Taub, CPA

Posted on August 07, 2019 by Lewis Taub

The new tax law that went into effect on Jan. 1, 2018, has had a tremendous impact on business activities, including merger and acquisition (M&A) transactions. As businesses prepare to file their tax returns this year, they are just now quantifying how much the Tax Cuts and Jobs Act (TCJA) affects their bottom line. Prior […]

IRS Issues Final Regulations, Bans Taxpayers from Circumventing SALT Deduction Caps by Karen A. Lake, CPA

Posted on July 09, 2019 by Karen Lake

The IRS has officially shut down any plans that high-tax states had introduced to help their residents circumvent the new tax law’s $10,000 cap on deductions for state and local taxes (SALT). According to final guidance issued by the IRS on June 11, 2019, taxpayers are prohibited from receiving federal tax deductions for the full […]

Expanded Tax Deductions Make Now the Perfect Time to Invest in Your Business by Angie Adames, CPA

Posted on May 26, 2019 by Angie Adames

The U.S. tax laws have a long history of incentivizing taxpayers to invest in their domestic business operations and purchase equipment, machinery, vehicles and other capital assets that are essential to generating business income. With the enactment of the Tax Cuts and Jobs Act (TCJA) effective for tax year 2018, the government has sweetened the […]

The Art of Bunching Deductions for Charitable-Minded Taxpayers by Joanie B. Stein, CPA

Posted on April 19, 2019 by Joanie Stein

Many individuals filing their first federal income tax returns since the enactment of the new tax law are surprised to learn that they were not able to write off the donations they made to non-profit organizations in 2018. While few people give to charity solely for a tax break, much ink has been spilled over […]

IRS Issues Safe Harbor for Business Vehicles that Qualify for First-Year Bonus Depreciation by Cherry Laufenberg, CPA

Posted on April 16, 2019 by Cherry Laufenberg

Under the Tax Cuts and Jobs Act (TCJA), businesses have an opportunity to claim larger depreciation deductions beginning in 2018 for qualifying new and used property, including passenger vehicles, they acquire and place into service between Sept. 28, 2017, and Dec. 31, 2026. However, it is critical that businesses pay particular attention to recent IRS […]

IRS Warns of Top Tax Schemes for 2019 by Edward N. Cooper, CPA

Posted on April 05, 2019 by Edward Cooper

By Edward N. Cooper, CPA The IRS has issued its annual list of the Dirty Dozen scams that taxpayers should look out for in 2019. Under U.S. laws, taxpayers are legally responsible for the information contained in their tax returns, even when those documents are prepared by someone else. Therefore, it is critical that you […]

IRS Issues Standard Mileage Rates for 2019 by Richard Cabrera, JD, LLM, CPA

Posted on March 05, 2019 by Richard Cabrera

The IRS issued the 2019 optional standard mileage rates that taxpayers may use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Taxpayers also have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Beginning on Jan. 1, 2019, […]

You Cannot Deduct Lobbying Expenses Beginning in 2018 by Adam Cohen, CPA

Posted on February 18, 2019

The new tax law in effect on Jan. 1, 2018, repeals the business deduction for lobbying local governments and their officials, including the Indian Tribal Governments. While businesses are prohibited from deducting lobbying expenses on the federal and state levels, they previously could qualify to deduct the “ordinary and necessary” expenses they incurred to promote […]

Category: Business Owners