Does your business own its real estate in a separate holding company, such as a limited liability company (LLC) or limited partnership? This practice can provide several advantages, including shielding…
There’s currently a “stepped-up basis” if you inherit property — but will it last? If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the…
Make Sure You Are Ready for an IRS Audit The IRS just released its audit statistics for the 2020 fiscal year. And fewer taxpayers had their returns examined as compared…
Working in the gig economy results in tax obligations Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing. According to…
Depreciation for Your Business As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable…
Tax implications of working from home and collecting unemployment COVID-19 has changed our lives in many ways, like working from home. And some of the changes have tax implications. Here…
Employers have questions and concerns about deferring employees’ Social Security taxes The IRS has provided guidance regarding the Social Security Tax deferment to employers regarding the recent presidential action to…
Reasons why married couples might want to file separate tax returns Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual…
GAAP vs. tax-basis: Which financial statement is right for your business? Most businesses financial statements report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can…
When is tax due on Series EE savings bonds? You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet…