Nov 22 How to Ruin a Like-Kind Exchange
I had a taxpayer call me about the sale of a rental property. Here's the big mistake he made that cost him big $$$ because it couldn't be structured as a 1031 exchange....
Nov 11 Is your small business prepared for the new employment tax filing deadline?
In an effort to combat fraud, the Protecting Americans from Tax Hikes (PATH) Act of 2015 was enacted. It revises the filing deadline for Form W-2 and certain types of Form 1099. Without proper planning, these revisions can cause some real stress for small businesses....
Oct 24 Tax Planning Strategies – Minimizing 2016 Individual Income Taxes
It is never too early to get a jump start on tax planning. Why not start now and minimize end of the year holiday stress? These four tax strategies could help reduce 2016 taxes....
Sep 30 What Drives SMBs’ Accounting Software Purchases?
SMB Accounting Trends Buyer Report – 2016 provides excellent insights into what business owners should look for when considering buying an accounting software system. Here's what you need to know from the report....
Sep 26 Set the Standard of Value in Shareholder and Partnership Agreements
Do the valuation provisions of your shareholder or partnership agreement specify a standard of value? If they do, is the standard of value “fair value”, “fair market value”, or something else? If the standard of value is not fair value or fair market...
Sep 12 Is Your Business Ready for 2017?
As we approach the end of the third quarter, it is time to review your 2016 budgets and projections and compare them to the actual operating results. Is the business ahead of or trailing the projections? What parts of the business performed well...
Sep 02 Cybersecurity Mistakes You Cannot Afford To Make
Cyber-attacks are on the rise and the attackers are becoming more sophisticated with their tactics. It is quite common to hear of so called “mega” breaches. Two recently publicized attacks came upon the Clinton campaign and the California voter databases. Attacks are coming from sophisticated...
Aug 19 Ten Tips for Choosing a Reliable Payment Processor
Most retail and many service-based business accept payment via credit card. This practice is becoming even more common as business competition heats up and credit card processing fees become more competitive. Choosing a payment processor is perhaps the most difficult task in any businesses...
Aug 15 Treasury Proposes New Tax Regulations to Limit Discounts in Intra-Family Wealth Transfers
Recently, the Treasury issued proposed regulations which, if adopted, would severely limit taxpayers’ ability to receive tax benefits for wealth transfers to family limited partnerships. This post discusses why you should act now if you have a federally taxable estate and are considering wealth transfers....
Aug 05 Prince Died Without a Will – Why Estate Taxes Get Complicated
Shortly after Prince’s death, rumors surfaced that he died without a will. In fact, every now and then we hear of a famous celebrity with a significant estate, who died without a will. So what does that exactly mean for the family of the dearly...