Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful.
Bookkeeping tips from Vernoia, Enterline + Brewer, CPA LLC.
After a natural disaster, taxpayers may need records to help them prove their disaster-related losses. This may be for tax purposes, getting federal assistance or insurance reimbursement.
A real estate developer could not deduct a portion of his S corporation’s losses because there was no debt between the S Corp and the developer as shareholder.
The IRS has released 2019 maximum vehicle fair market values for use with the vehicle cents-per-mile valuation rule and the fleet-average valuation rule.
A partnership may elect to expense property under IRC §179 only if the partnership uses the property predominantly (more than 50%) in the active conduct of a trade or business.
The Internal Revenue Service issued guidance that provides a safe harbor allowing professional sports teams to treat certain player and staff-member contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade of a player or staff-member contract or a draft pick.
Generally, if a taxpayer exchanges business or investment property solely for business or investment property of a like or similar kind, they don’t need to recognize a gain or loss.
Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).
The Internal Revenue Service reminds business owners that tax reform legislation passed last December affects nearly every business.
The Internal Revenue Service issued guidance on new tax law changes that allow small business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period to use the cash method of accounting.