Late entity classification: IRS guidance

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 …

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Tax rules for selling your home

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 …

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Gaining favor among customers by absorbing sales tax

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 …

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Gifting your assets: give or keep

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 …

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Is your gift taxable?

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 …

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What you need to know before selling gifted property

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 …

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Filing as a subchapter S corporation

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 …

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What you need to know about the Equifax data breach settlement

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 …

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Excel and data management: making information usable

Let’s be honest, data management in your organization is probably not the most important step in your nonprofit’s hierarchy of needs. And love it, or hate it, there’s a good chance your organization relies on Excel for many tasks, including data management. Here are three useful tips that may make life inside the spreadsheet a …

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NFL training camps and tax implications

The most exciting time of year is back! That’s right, football season has kicked off with NFL training camps in full swing.  Did you think I would mention Christmas? That is still about 130 days away, which leaves plenty of time to shop. I do a lot of my shopping at the NFL Team Store …

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