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Individual and Business Tax Consulting

Partnership Audit Regulations Changes

Posted on 05/16/19 by Ashley Salter, CPA

Did you know the new partnership rules may impact your share of partnership taxes and penalties upon an IRS audit?  They may also impact you if you are no longer a partner in future years or have not been a partner in the year of the audit adjustment.  The new rules are effective for 2018

While the TCJA promised to lower taxes for Americans, new laws increase filing complexities, requiring more time for tax preparation.

Posted on 12/31/18 by Heather Williams, CPA/CFP

By now, everyone is well aware of the Tax Cuts and Jobs Act (TCJA), signed into law by President Trump in 2017. What many are still not aware of is how tax reform may affect them. The 2017 postcard-sized 1040 form was intended to simplify the filing process; however, only those taxpayers with limited sources of

1031 Tax Exchange

Posted on 12/17/18 by Michael Goldstein, CPA/CFP

Considering selling one investment property and buying another? Timing is everything with the 1031 exchange. The 1031 exchange can be a powerful tool for U.S. property investors, but it’s important to know the basic requirements and to understand that timing and form are essential to ensure that the structured exchange is successful in accomplishing the

Opportunity Zone Tax Incentives

Posted on 10/01/18 by Beth Ebersole, CPA

There has been much press on the reduction of the corporate tax rate to 21% and the 20% Qualified Business Income deduction (199A). But what has not received as much press is a small portion of the Tax Cuts and Jobs Act (TCJA) – Subchapter Z which has a surprising tax incentive for investors. This

Do You Have a W-9 From All Vendors?

Posted on 11/03/16

Frequently, business clients ask us to assist in issuing their 1099’s.  This requires a review of their vendors and each vendor’s W-9.  Unfortunately, many times the organization has not requested the W-9 from the vendor, and we must then ask them to do so.  Most companies will comply when asked to complete a W-9, but

Are You Looking to Establish Your Domicile in Florida?

Posted on 02/11/16 by Larry Geimer

States go to great lengths to claim a person as a resident for tax purposes, but there is a difference between your residence and your domicile, which may be in a different location. This article discusses the steps that you can take if you are looking to establish your domicile in Florida. While the term “residence”

Are you “Teaming Up” with Your CPA?

Posted on 01/22/16 by Larry Geimer

How do you work with your CPA? For many people, it may be dropping off an envelope of paperwork once a year at tax time.  For others, it may be an annual one-on-one meeting to discuss the pertinent issues. In these situations, you and your CPA are working together as “a team” which is the most effective

Tax Paperwork and Other Records: What to Keep, What to Toss!

Posted on 01/22/16

Over the years, tax and other paper records can begin to mount. Many individuals and companies keep records longer than necessary, just in case the IRS, state tax authorities or another regulatory body inquires about a course of action. Here are some record retention guidelines to prevent your home or office from looking as if

Deducting Noncash Charitable Contributions

Posted on 01/22/16 by Robert P. Clarke

As the year comes to a close, it is a good idea to review what is required to support a deduction for noncash charitable contributions that you may have made during the year or plan to give in the next few weeks. Here are a few key points: When a noncash donation exceeds $250 or

Are You Actively Involved in Your Investments? What it Means for Your Taxes

Posted on 01/22/16 by Beth C. Ebersole

As many of you are aware, at the beginning of 2013 the additional Medicare tax of 3.8% on investment income for high income taxpayers became effective.  Investment income includes income from activities in which you are an owner but do not participate in the operations.  These activities would include rentals of property and other trade

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