S-corporations are considered pass-through entities, which means that income and losses earned from the business are passed down to the individual shareholders’ tax returns. However, an S-corporation shareholder cannot automatically assume that a loss passed through from the company is […]
Tax Strategies
Background Qualified rehabilitation expenditures (QREs) are expenditures related to rehabilitation or restoration of a qualifying structure. Expenditures that qualify as QREs are eligible for a 20% general business tax credit of the total QREs. In the industry, this is commonly […]
With year-end fast approaching, it’s time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well. The good news is that it now […]
Generally, there are three ways for a taxpayer to legally acquire property. Personal property is any property that is movable, such as equipment, furniture, collectibles, etc. Personal property can also be intangible, such as stocks and bonds. Real property is […]
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 […]
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 […]
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