Depreciable assets: potential new tax law impact

Are you aware of the potential new tax law and how it may impact your business? Some of the potential changes deal with the modification of rules for expensing certain depreciable assets. Below are a couple of the major updates that have made it through conference agreement and are yet to be voted on this …

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Why this busy season will be busier than usual for tax professionals

At the end of each year, tax professionals begin in earnest to prepare themselves and their clients for the upcoming busy season. For many, this includes tax planning, updating technology/software, and studying up on the latest tax updates. However, with tax reform seeming to become more of a certainty, tax professionals find themselves at a …

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Tax reform, how’d we end up here?

The news of the current tax reform proposal just hit my mailbox. As I perused the initial details of the proposed changes I began to wonder “How did we get to this place?” Where did the tax system that I work with day in and day out come from and how did it evolve to …

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Going the way of the dinosaur? Endangered tax regulations

While we may wish that all tax regulations were endangered and soon to be extinct, there are certainly some that are more worthy for extinction than others. In April of 2017, President Trump issued an executive order designed to reduce tax regulatory burdens. The order instructed Treasury Secretary Steven Mnuchin to review “all significant tax …

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Trump tax plan: how could you be impacted?

President Trump is attempting to make good on his campaign promise to overhaul the tax code. In his proposal released last Wednesday, the President outlined his plans to provide Americans with “the biggest individual and business tax cut in American history.” So, how will Trump’s plan impact taxpayers (like you) if it’s passed? INDIVIDUALS TAX …

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Is the value of your business about to increase 12.5%?

Recent discussions by the new administration regarding changing corporate and individual tax rates got me thinking about how different income tax rates can affect the value of a company. For example, I ran some numbers with the following assumptions. The current effective tax rate on a pass-through company’s earnings at the individual level is 38 …

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Bill Eliminates Tax Penalty on Team USA Medalists

Well, the summer Olympics are almost upon us. The Rio games officially begin on August 5th and our top athletes are hard at work putting in the last of their efforts to train and condition. Team USA is no doubt focused on one thing: WINNING. The athletes probably have not even considered what happens after …

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Righting the Wrongs – The Wrongful Incarceration Exclusion

It’s difficult to imagine being convicted of a crime and wrongfully incarcerated. It’s even harder to imagine that when ultimately the truth sets you free the damages you receive are subject to tax. Congress too saw the irony in the fact that awards are often given to assist the wrongfully convicted and incarcerated persons establish …

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Did Messi’s Mess Get Him “Locked Away”?

Finally a verdict to what we know you’ve all been waiting for since our last blog together! (Click to view our previous blog.) The Spanish court system came out with a decision on the fate of Lionel Messi (World’s best soccer player) and his father after a month of deliberations following the allegations of tax …

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Built-In Gains Tax

The built-in gains tax was originally established in 1986 as a way to prevent C corporations from escaping the double taxation on unrealized gains by electing to be an S corporation. The way it worked was that if a C corporation had any unrealized gains in its assets when it elected S corporation status, it …

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