TCJA

Adjust Your Tax Withholding

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means you’re

2021-04-12T14:53:52-06:00August 4th, 2020|

CARES Act NOL Deduction Changes

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL Deductions Basically,

2021-04-12T14:54:13-06:00May 12th, 2020|

Adjusting Financial Statements for COVID-19 Tax Relief Measures

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP)

2021-04-12T14:54:14-06:00April 28th, 2020|

Home Office Expenses Deduction Rules

We regularly get questions regarding the rules for deducting home office expenses. Since technology has made it easier to work from home, lots of people now commute each morning to an office down the hall in their home. However, just because you have a home office space doesn’t mean you

2021-04-12T14:54:36-06:00January 27th, 2020|

What is a Cost Segregation Study?

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law,

2021-04-12T14:54:38-06:00November 26th, 2019|
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