Author Archives: pg

Advance or Automatic Consent for Accounting Method ChangeCurated byRobert Recchia, J.D., M.B.A., C.P.A., Sr. Content Management Analyst, Wolters KluwerTaxpayers cannot change from an established accounting method to a different method unless they first obtain the IRS’s consent for the change. … Continue reading →

Great article about it:https://www.forbes.com/sites/irswatch/2021/06/14/thinking-of-getting-into-cryptocurrency-the-top-10-crypto-tax-mistakes-to-avoid/?ss=taxes&sh=318f06ae4628

Good recap: https://www.forbes.com/sites/sarahhansen/2021/04/28/here-are-the-biggest-winners-and-losers-in-bidens-individual-tax-plan/?ss=taxes&sh=5859b63050f6

The employee retention credit (ERC) is still available until December 31, 2021. This is an extremely beneficial tax credit that definitely should be considered by any employer. The credit was available in 2020 but until the law was changed on … Continue reading →

Making a new S election after terminationEditor: Linda Markwood, CPAAugust 1, 2020 RELATEDSeptember 2, 2020Regulations coming on S corporations with accumulated E&P and GILTISeptember 1, 2020Private equity and F reorganizations involving S corporationsAugust 1, 2020State and local considerations in using … Continue reading →

This page has a lot of useful information and is the best source on corona virus related relief: https://www.irs.gov/coronavirus

Entertainment expenses are no longer deductible however meals are still 50% deductible (100% deductible when purchased from a restaurant) and are deductible when they are related to entertainment under certain circumstances. Meals are deductible under the following conditions: 1. The … Continue reading →

One of the provisions of the tax law passed in December 2017 is the expansion of bonus depreciation to 100% for qualified property acquired after Sept. 27, 2017 and placed in service before Jan. 1, 2023. Before the new tax … Continue reading →

This web page consists of tax tips that we have developed from our day-to-day dealing with tax issues. We hope that you find something of value. If you are looking for something specific, type it into the search box to … Continue reading →