Background Partnerships are required to report their partners’ capital accounts on the tax basis method starting with the 2020 tax year unless the partnership qualifies for an exception. Prior to this compliance reporting requirement, partners’ capital accounts may have alternatively […]
Tax Strategies
There are several reasons why S Corp business owners should carefully plan their W-2 wages. Did you know, there are tax and business consequences when you pay yourself as an S Corp business owner? Let’s review a few reasons why […]
Whether it’s a forklift or a new building, certain assets can help generate revenue for multiple years. In an effort to better match the cost of these assets with the revenue they generate, the purchases are expensed over multiple tax […]
Positive cash flow can be a strong indicator of the financial health of an organization. It’s good to have cash on hand, but can too much cash be a risk to your organization? Read below to gain an understanding of […]
What is the 50% Test? The 50% Test is required for every project that receives 4% credits by financing acquisition and construction costs with volume cap tax-exempt bonds. The test is to verify that 50% or more of the tax-exempt […]
The IRS began accepting 2021 individual tax returns on January 24, 2022. Here are a few tips to help speed the processing and avoid unnecessary hassles. Tip 1: Gather all documents needed to prepare an accurate return In addition to […]
The sale of an asset, especially a large asset such as real estate, can trigger a substantial tax obligation. Finding ways to reduce the tax burden is time well spent, as prudent tax planning can result in significant savings. One […]
In response to the continuing presence of the COVID-19 pandemic, the IRS has again issued a notice that extends certain deadlines for low-income housing projects. Notice 2022-5 extended relief for the following deadlines and operational waivers: Deadline Relief • 10-percent […]
Payroll tax, federal income tax, state income tax, property tax, sales tax, gas tax…. you get the idea; we pay a lot of taxes. So why all the excitement surrounding Minnesota’s new pass-through entity (PTE) tax? In short, the PTE […]
Cryptocurrency has made a lot of headlines since its inception in 2009 and, regardless of your opinion of it, there’s no denying its recent surge in popularity. According to a Gemini crypto report issued in April 2021, approximately 21.2 million […]
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