Qualified Small Business Stock Offers Two Valuable Tax Benefits

By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock [...]

By | May 3rd, 2016|Tax|

Unexpected Retirement Plan Disqualification Can Trigger Serious Tax Problems

It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations. For example, have [...]

By | April 27th, 2016|Tax|

Tangible Asset Regulations: Repairs vs. Improvements

Question: If you spend money to change a capital asset used in your business this year, then is the expenditure a capitalized improvement or an expensed repair? Answer:  Under the new Tangible Asset Regulations (TARS), [...]

By | April 26th, 2016|Construction, Real Estate, Tax|

Why It’s Time to Start Tax Planning for 2016

Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now [...]

What 2015 Tax Records Can You Toss Once You’ve Filed Your Return?

The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax [...]

Report to the Nations

Organizations face numerous risks to their success every day including regulatory risk, economic risk, disaster risk, supply-chain risk, and technology risk, just to name a few. Fraud risk is universally one of the risks faced [...]

Tangible Asset Regulations: Materials and Supplies

Question: At the end of tax year 2015, you still have $900 of unused materials and supplies on hand. Can you deduct the full $900 on your tax return? Or does the IRS require you [...]

By | April 12th, 2016|Construction, Real Estate, Tax|

Entrepreneurs: What Can You Deduct and When?

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, [...]

By | March 29th, 2016|Tax|

Tangible Asset Regulations: Building Systems

Question: If you renovate a building used in your business this year, then is the expenditure a capitalized improvement or an expensed repair? Answer:  It is important to understand how the “unit of property” concept [...]

By | March 29th, 2016|Construction, Real Estate, Tax|

Tips for Deducting Losses from a Disaster, Fire, or Theft

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such [...]

By | March 28th, 2016|Tax|