Anxious man in a coffee shop | IRS Fresh Start Program
Tax
September 13, 2019

Have Significant Tax Debt? The IRS Offers a Fresh Start Program

Life is full of unexpected moments and changes that can have a dramatic effect on your life. Some may inhibit your ability to pay the money you owe the Internal Revenue Service (IRS). For filers…
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Mother and Daughter Happily Baking Together | Claim Your Parent as a Dependent to Maximize Tax Breaks
Tax
September 11, 2019

Claim Your Parent as a Dependent to Maximize Your Tax Breaks

The Tax Cuts and Jobs Act (TCJA), passed in 2017, eliminated or modified a number of provisions. However, in their place, the TCJA created new options to reduce taxable income or tax liability. Provisions related…
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Row of Buildings in New York - Deciphering the Qualified Business Income Deduction as it Relates to Rental Real Estate
Tax
September 9, 2019

Deciphering the Qualified Business Income Deduction as it Relates to Rental Property

The passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 instituted a new section of the Internal Revenue Code (IRC). Section 199A introduced the 20% qualified business income (QBI) deduction for certain…
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Woman doing online shopping | Wayfair and Out of State Sales Tax: One Year Later
Tax
September 3, 2019

Wayfair and Out of State Sales Tax: One Year Later

With over 10,000 sales jurisdictions across the United States and the ever-increasing amount of online retailers, sales tax – especially across state lines – is a topic becoming more and more relevant. This holds true…
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Empty warehouse | Discontinued Operations
Tax
August 29, 2019

Discontinued Operations: Simplifying the Process

In general, financial reporting focuses on the results of continuing operations. However, sometimes businesses sell or end a product line or another component. If such a transaction satisfies certain criteria under U.S. Generally Accepted Accounting…
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Man holding a bitcoin | Cryptocurrency Taxes and the Potential IRS Crackdown
Tax
August 27, 2019

Bitcoin, Taxes and the Potential IRS Crackdown

Since the launch of Bitcoin in 2009, it and other virtual currencies are gaining popularity. As of February 2019, there were over 17.53 million bitcoins in circulation with a total market value of approximately $63…
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Home office | Capitalizing on Your Home Office Deduction
Tax
August 19, 2019

Capitalizing on Your Home Office Deduction

With the rise of technology, we are able to email, file share, video conference and more without ever having to step foot in a traditional office setting. Between technological advancements and greater self-employment opportunities in…
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Several concerned business people in a meeting | Section 163(j): The Business Interest Expense Limitation
Tax
August 15, 2019

The New Business Interest Expense Limitation and What It Means for You

The 2017 passage of the Tax Cuts and Jobs Act (TCJA) imposed a new limitation, known as “section 163(j) limitation”, on deductions for business interest expenses. Prior to the TCJA, section 163(j) of the Internal…
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Several business people at a meeting - aerial view | FASB and the Latest Accounting Standards Proposals
Tax
August 7, 2019

FASB and the Latest Accounting Standards Proposals

On July 17, 2019 the Financial Accounting Standards Board (FASB) voted to delay several major accounting standards – including credit losses, leases, hedging and long-duration insurance contracts – for private companies, nonprofits and smaller reporting companies.…
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Railroad track merging into one | M&A Tax: Navigating the Tax Implications
Tax
July 18, 2019

M&A: Navigating the Tax Implications

Mergers and acquisitions (M&A) involves the combination of two entities into a single company.  M&A activities are on the rise in the United States. In the last two years, we have witnessed prominent American companies…
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