May 4, 2022
When it comes to selling your business, you must consider the buyer’s perspective — not just your own — to get the deal done. Both sides will require certain due diligence procedures, which take time and patience to get through. Here’s… Read more »
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Asset Deals, Buyer Concerns in Asset Deals, Buyer Due Diligence When Purchasing Ownership Interests, Buyer's Perspective: Allocating Purchase Price for Asset Deal, Corporate Stock Deal Treated as Asset Deal, Due Diligence Considerations When Selling a Business, Primary Due Diligence Concerns for Sellers, Review of insurance policy loss payable endorsements, Seller's Perspective: Allocating Sale Price for Asset Deal
May 4, 2022
Over the last year, home prices have soared in many parts of the country. In addition to benefitting from an appreciating asset, eligible homeowners enjoy several tax advantages. Here are eight reasons why it’s better to be an owner, rather than… Read more »
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Deduction for Home Improvements, Deduction for Mortgage Points, Energy Credits for Home Improvements, Home Office Deduction, Home Sale Gain Exclusion, Mortgage Interest Deduction, Private Mortgage Insurance, Property Tax Deduction, Unlock 8 Tax Breaks for Home Ownership
March 28, 2022
Involved in Crypto? Here Are Some Tax Issues It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose… Read more »
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Crypto, Federal Tax, foreing housing cost exclusions, gig income, individuals, passport revocation case, tip income
March 28, 2022
Economic fallout from the COVID-19 pandemic caused some rental real estate properties to run up tax losses in 2020 and 2021, as tenants struggled to pay rent. If you’re a landlord, you may have had to negotiate lease modifications that were… Read more »
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bonus depreciation, key write-offs, landlords, section 179, tax angles
March 28, 2022
If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren’t available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022…. Read more »
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cash-method accounting, section 179, small business, tax breaks
February 17, 2022
Tax Season Filing Tips Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you’ve gathered all 2021 tax documents received, such as W-2s and 1099s. In addition,… Read more »
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filing tips, household employers, irs top 10 criminal cases, irs-related scams, taxable social security benefits
February 17, 2022
Buyers of businesses generally prefer to arrange for an asset purchase transaction, instead of purchasing an ownership interest in the target business entity. Why? The primary reason is to avoid exposure to liabilities — both known and unknown — related to the business that’s being… Read more »
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asset purchase, buyer beware, buyers, buying a business, ownership interest
February 17, 2022
The total amount of outstanding student loan debt is estimated at approximately $1.75 trillion, including $1.59 trillion in federal student loans. It’s also estimated that 43.2 million student borrowers owe an average of roughly $39,000 each. The good news is that,… Read more »
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debt relief, student loan debt, tax implications
January 26, 2022
Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires TPSOs to… Read more »
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business tax, businesses, Federal Tax, tax news