IRS Expands Theft and Fraud Loss Deductions
The Tax Cuts and Jobs Act (TCJA) significantly restricted the types of theft losses that can be deducted on federal income tax returns. However, a ...
Planning Ahead: 5 Succession Strategies and Their Tax Implications
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders ...
Turning Market Losses into Tax Opportunities
Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such ...
Payroll Tax Pitfalls: 6 Things Small Businesses Should Know
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal ...
In the News: 3 Fraud Schemes Making a Comeback
Fraud schemes are always evolving. Once frauds are widely publicized and consumers and businesses learn to spot common scams, enterprising criminals ...
Small Business Alert: The 100% Penalty That Hits Hard
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from ...
Are You a Tax-Favored Real Estate Professional?
For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can ...
Do You Have an Excess Business Loss?
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need ...
Can I Itemize Deductions on My Tax Return?
You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they ...