Mar 3, 2021 | Firm Updates, Small Business, Tax Tips
If your business owns one building, but you want to replace it with another building, what should you do? You could sell the building, recognizing and paying tax on any gain, and then buy a new building. Alternatively, you could defer the gain by exchanging the old...
Oct 26, 2020 | COVID-19 Response, Firm Updates, Individual Tax, Small Business, Tax Tips
Working from home, or telecommuting has become a standard work practice amidst the coronavirus pandemic. Employers with employees who are working in states other than the state in which the company is physically present must be aware of a variety of problems related...
Sep 1, 2020 | Firm Updates, Individual Tax, Small Business
IRC Section 83 discusses the treatment regarding property that was received in connection with performance of services. The Tax Cuts and Jobs Act added an election to defer the recognition of taxable income with respect to specific items under Section 83(i). Even...
Jan 30, 2020 | Firm Updates, Small Business
In late 2017, the Tax Cuts and Jobs Acts (TCJA) created the most significant overhaul of the tax system in over 30 years. Throughout 2018, the IRS issued notices to clarify the new law and its effects on taxpayers. The IRS issued notice 2018-99 regarding parking...
Jan 17, 2020 | Firm Updates, Small Business
The Modified Accelerated Cost Recovery System (MACRS) is required for most tangible depreciable property placed in service after the year ending December 31, 1986, unless certain specific exceptions apply. The useful lives under MACRS include 3, 5, 7, 10, 15, 20,...
Dec 20, 2019 | Firm Updates, Individual Tax, Small Business
With the holiday season in full swing, your business may choose to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by...
