Category Archives: Uncategorized

Change in Accounting Method for Tax

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

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Cryptocurrency – Tax Ramfications

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

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Biden & Taxes

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

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Employee Retention Credit for 2020 & 2021 Revised and Expanded

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

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Making a new S election after termination

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

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IRS Webpage on Corona Virus

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

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“Marriage penalty” longer exists!

The “marriage penalty” is due to tax rates for married taxpayers paying more than twice what they would have paid if they has not been married and filed separately. 2019 tax brackets eliminated this for tax brackets below 35%. The … Continue reading

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Business meal deductibility

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

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Bonus Depreciation at 100%!!!

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

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What’s all this?

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

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