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A New IRS Tool for Charitable Giving

  • 4 December 2018
  • Author: Alexander Carr
  • Number of views: 30
  • 0 Comments
A New IRS Tool for Charitable Giving

It’s the season for giving, and the IRS has made it easier to find charitable opportunities that provide tax advantages, too. Its new Tax Exempt Organization Search (TEOS) replaces EO Select Check and offers advanced features like images of newly filed 990 forms and mobile-friendly searching.

Serving Meals with Entertainment? Don’t Forget This Tax Detail

  • 27 November 2018
  • Author: Alexander Carr
  • Number of views: 105
  • 0 Comments
Serving Meals with Entertainment? Don’t Forget This Tax Detail

The recently enacted Tax Cuts and Jobs Act (TCJA) included a significant change for those deducting meals and entertainment from their business taxes. As of 2018, there is no longer a deduction for activities considered entertainment, amusement, or recreation, unless the event is for team building or similar purposes and is attended on a non-discriminatory basis. Business meals, on the other hand, are 50% deductible. But what about events in which both meals and nondeductible entertainment are served? The IRS is finally offering some guidance.

Section 179 or Bonus Depreciation?

  • 13 November 2018
  • Author: Alexander Carr
  • Number of views: 117
  • 0 Comments
Section 179 or Bonus Depreciation?
Bonus depreciation rules now allow for 100% write-offs and are expanded to include big-ticket items like the purchase of used equipment. So is there any reason to expense these purchases as part of Section 179 deductions instead?

Small Businesses: Avoid Tax-Return Fraud This Year

  • 6 November 2018
  • Author: Alexander Carr
  • Number of views: 129
  • 0 Comments
Small Businesses: Avoid Tax-Return Fraud This Year

The IRS has seen an increase in corporate and small business tax-return fraud. From stolen employer identification numbers (EINs) to fake Schedule K-1s for S corporations, it’s important to be on the lookout for signs your business has been compromised.

Prepaid Forward Contracts: Litigation Financing With Significant Tax Advantages

  • 26 October 2018
  • Author: Alexander Carr
  • Number of views: 145
  • 0 Comments
Prepaid Forward Contracts: Litigation Financing With Significant Tax Advantages

Litigation financing has been booming in the U.S. for about a decade. As MarketWatch reports, third-party investors are pouring up to $100 billion into funding lawsuits as a way to seek returns that can far surpass equity and fixed-income investments. Plus, as Forbes Tax Contributor Robert W. Wood points out, “Litigation funders help to level the playing field, just as contingent fee arrangements for lawyers did a generation ago.”

Prepaid Forward Contracts: Litigation Financing With Significant Tax Advantages

  • 26 October 2018
  • Author: Alexander Carr
  • Number of views: 121
  • 0 Comments
Prepaid Forward Contracts: Litigation Financing With Significant Tax Advantages

Litigation financing has been booming in the U.S. for about a decade. As MarketWatch reports, third-party investors are pouring up to $100 billion into funding lawsuits as a way to seek returns that can far surpass equity and fixed-income investments. Plus, as Forbes Tax Contributor Robert W. Wood points out, “Litigation funders help to level the playing field, just as contingent fee arrangements for lawyers did a generation ago.”

5 “Taxing” Halloween Stories

  • 24 October 2018
  • Author: Alexander Carr
  • Number of views: 251
  • 0 Comments
5 “Taxing” Halloween Stories

While taxes are scary enough, we thought it would be fun to share some Halloween-related tax tales. Gather ‘round and be glad you’re not in the same situation as these poor souls: 

Magnolia Halle

  • 24 October 2018
  • Author: Alexander Carr
  • Number of views: 0
  • 0 Comments
Magnolia Halle
When a friend handed Robert Fleming a family recipe for buttermilk pancakes nearly 30 years ago, he never anticipated how much that recipe would mean to him and his family today

So Long, Cupcake: Goods & Services Young Adults Aren’t Buying

  • 16 October 2018
  • Author: Alexander Carr
  • Number of views: 240
  • 0 Comments
So Long, Cupcake: Goods & Services Young Adults Aren’t Buying
Our focus is to help our clients increase profits, which reaches far beyond tax planning alone. So when we came across an article about goods young generations simply don’t buy, we took notice. Some of these profit slides are due to predictably fickle trends (the rise and sudden fall of gourmet cupcake

s, for instance), but others signify a much deeper downturn that manufacturers, retailers and service providers should considering pivoting around.

Tax Benefits of Health Savings Accounts (HSAs)

  • 9 October 2018
  • Author: Alexander Carr
  • Number of views: 172
  • 0 Comments
Tax Benefits of Health Savings Accounts (HSAs)

The IRS allows several ways to earmark pre-taxed money for certain expenses, thus reducing your end-of-year taxable income. Health savings accounts (HSAs) are among them. HSAs can be easy to set up and individually managed outside of employer healthcare plans. 

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