We have often seen clients struggle with their decisions as to what type of tax entity classification they should choose for their businesses. Sometimes business owners or shareholders may decide to change their business’s entity classification after the business has operated for one or more years. These changes may be due to several reasons such …
Now that the housing market is beginning to rebound, you may be considering putting your current personal residence on the market. But what do you need to know before you call your real estate agent? First, does the residence qualify as your “main” home? And secondly, will the sale result in a gain or a …
Like the rest of us, state governments want the money that is owed to them. In a growing trend, however, states are caring less about who is paying the money. Forty-five states and D.C. have sales tax requirements. It used to be the law that a seller with nexus must collect the tax from the …
When faced with the question of gifting your assets, there are multiple variables to consider. Keeping an asset causes it to be included in the estate of the deceased for estate tax purposes, whereas gifting an asset allows its future appreciation to grow outside of the estate with its intended beneficiary, possibly saving large amounts …
If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the tax, but there are exceptions. Here are eight tips provided by the IRS that you can use to figure out whether your gift is taxable. 1. Most gifts are not subject …
Before you sell property that you received as a gift, ask yourself the following questions: Does the property provide a good yield? How does this property fit into my investment portfolio? What are the short and long-term market outlooks for this property? Do I need the money? Has the property appreciated in value? What are …
On May 23rd, the House of Representative passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act. While this bill may or may not pass, it is important to realize the key implications it can have on your future. Some major features of the Act include: Greater opportunity for part-time workers to participate in …
If you are thinking about starting a business, one of the first decisions that you will face is determining what kind of entity to use for the business. Many simple businesses can be operated as a sole proprietorship, with the income and expenses reported directly on the Form 1040. However, if there is more than one …
As we head into a new decade, it is beneficial to reflect on the past years to see the things that we have done and where we are going. Looking back, we are able to take a look at the accounting profession and see how it has changed in the recent years and where those …
In September 2017, Equifax announced a data breach that exposed personal information of 147 million people. Yes, you read that right. 147 MILLION. So, what do you do if you were affected? The credit reporting company allegedly failed to take reasonable steps to secure its network. Now millions of vulnerable names, dates of birth, social …