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A 'Real' Business Problem with the New Tax Code

  • 24 April 2018
  • Author: Alexander Carr
  • Number of views: 416
  • 0 Comments
A 'Real' Business Problem with the New Tax Code

When something as complex and nuanced as the U.S. tax code gets tweaked, one minor change can cause an avalanche of unintended headaches. One such tweak—supposedly meant to thwart farmers, manufacturers, and other businesses from swapping assets like trucks and machinery tax-free—now seems to be inadvertently hurting businesses like professional sports teams.

A Stud in Tax Court: How a Retired Race Horse Beat the IRS

  • 17 April 2018
  • Author: Alexander Carr
  • Number of views: 433
  • 0 Comments
A Stud in Tax Court: How a Retired Race Horse Beat the IRS
If you’re a horse enthusiast, take note: The IRS may disagree with whether your affinity is a hobby or business, depending on what’s at stake. With a recent tax court win, a retired racehorse named Woody B. Tuff teaches us about the tax implications of what we do on our weekends.

What Are Public Benefit Corporations and B Corps?

  • 10 April 2018
  • Author: Alexander Carr
  • Number of views: 526
  • 0 Comments
What Are Public Benefit Corporations and B Corps?
Can you make a profit and save the world at the same time? Many startups and businesses aim to do just that and, now, there are business designations and corporate structures to fit their missions. Public Benefit Corporation (PBC) status and B Corp designations are both tailor-made for do-good for-profits, but that’s where the similarities end.

What You Need to Know This Tax Season

  • 27 March 2018
  • Author: Alexander Carr
  • Number of views: 540
  • 0 Comments
What You Need to Know This Tax Season

We’re in the thick of the 2017 income tax filing season. It’s the time of year we’re often inundated with questions and, with so much confusion about the current tax code, this year is certainly no exception. We’ve answered some of the most common income tax filing questions for the 2017 tax year below.

The IRS Offers a First-Time Penalty Abatement Waiver

  • 20 March 2018
  • Author: Alexander Carr
  • Number of views: 508
  • 0 Comments
The IRS Offers a First-Time Penalty Abatement Waiver
Who says the IRS isn’t forgiving? The agency hands out penalties quite liberally for late filing, overdue payments, and missing deposits, but did you know taxpayers facing their first penalty in at least three years may be able to have it forgiven? The policy is called First Time Penalty Abatement and, although it’s not well known, it’s been an option since 2001.

Section 179 Changes Could Mean It’s Time to Buy

  • 13 March 2018
  • Author: Alexander Carr
  • Number of views: 1025
  • 0 Comments
Section 179 Changes Could Mean It’s Time to Buy
Section 179 deductions just got better. For tax year 2018, the Section 179 deduction limit for property has soared to $1 million and, for equipment purchases, the cap is now set at $2.5 million. It could be a big tax-saving opportunity for small businesses—one that could be worth hundreds of thousands of dollars.

The IRS Is Taking Away Passports

  • 20 February 2018
  • Author: Alexander Carr
  • Number of views: 604
  • 0 Comments
The IRS Is Taking Away Passports
If you’re severely behind on your taxes, the IRS may ground you from leaving the country until you pay up. Last month, the agency announced

that it will start notifying the State Department of taxpayers who owe a “seriously delinquent tax debt.” The State Department, in return, is required to deny that individual a passport application or renewal. In some cases, a passport can even be revoked.

Love and Marriage and Taxes

  • 14 February 2018
  • Author: Alexander Carr
  • Number of views: 660
  • 0 Comments
Love and Marriage and Taxes

In celebration of Valentine’s Day, let’s look at how marriage affects taxes. After all, taking a closer look at how marriage can save tax dollars can be quite heartwarming.

Critical Tax Changes for Small Business Owners

  • 30 January 2018
  • Author: Alexander Carr
  • Number of views: 684
  • 0 Comments
Critical Tax Changes for Small Business Owners
Small business owners are overcome with questions surrounding the recent tax changes. Foremost, will it help us or hurt us? While we don’t have all the answers (the IRS still needs to issue its interpretations of the changes), we have been spending time reading and analyzing various business aspects of this legislation. For an overview, take a look at our recent Bankler Report

along with the following additional highlights on what aspects of your business may be affected.

IRS Pleads: Stop Falling for Tax Scam Calls

  • 25 January 2018
  • Author: Alexander Carr
  • Number of views: 676
  • 0 Comments
IRS Pleads: Stop Falling for Tax Scam Calls
Taxpayers may be getting savvy but we’re still losing millions to scammers every single year. For this reason, Treasury Inspector General for Tax Administration (TIGTA) J. Russell George recently cautioned taxpayers to be on  “High Alert” for IRS impersonators

 this tax season.

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