What are intangible assets?

By definition, intangible assets consist of items that are not tangible. In other words, these items are not able to be touched or seen even though money may have been paid to purchase them. Some common examples include: Goodwill Patents Copyrights Trademarks Organization Costs Loan Fees Intangible assets can be developed over a period of …

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401k Loan Basics

Below are some basics about 401k loans.  Please review your Summary Plan Description for specific guidelines for loans in your 401k plan. • 401k plans can offer loans to participants however, they are not required to. • 401k loans do not require a credit check. • Most 401k loans are required to be paid back over a maximum …

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Key points of the US – Canada Tax Treaty

The U.S. has entered into tax treaties with many countries in an effort to reduce or eliminate double taxation. The U.S. – Canada Income Tax Treaty is of special interest due to the proximity of this neighboring country. This treaty was signed in 1980 and has since been amended by five protocols. Income from personal …

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NOL carrybacks: re-computation rules

Considering the economic conditions as of late, many taxpayers have found themselves incurring economic losses. These economic losses have translated into taxable losses, which, as a general rule, can be carried back to offset taxable income from up to two years prior. Under special provisions enacted for 2008 and 2009 losses, taxpayers can elect to …

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