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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), [...]

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 [...]

April 12th, 2016|Construction, Real Estate, 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 [...]

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

David Rice Named to Cisco Systems’ Small Midmarket Business Advisory Board

Information technology is an industry in which professionals strive to achieve high levels of success and must be committed to regularly developing their skills and knowledge in order to do so. Earning the respect of [...]

Tangible Asset Regulations are Still Important!

Question: Last year we heard about the new tangible asset regulations and how they would impact prior years in addition to tax year 2014. What about 2015? Is “TARS” still an issue for 2015? Answer: [...]

March 15th, 2016|Real Estate, Tax, Uncategorized|

New FASB Guidance on Accounting for Leases

On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU will require organizations that lease assets to [...]

Deduct Home Office Expenses — If You’re Eligible

Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility Requirements If you’re an employee, your use [...]