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2022 Tax Planning: Real Estate Activity Compliance

2022 Tax Planning: Real Estate Activity Compliance

May 26, 2022

If a taxpayer owns rental real estate, there are federal tax responsibilities. All rental income must be reported on their tax return, and in general, the associated expenses can be deducted from their rental income. Landlords should be aware that keeping accurate accounting records is just as important as collecting the rent on time each month.

2022 Tax Planning: Net Operating Losses

2022 Tax Planning: Net Operating Losses

May 20, 2022

Taxpayers can utilize net operating losses (NOLs) generated on their personal and corporate tax returns generated in tax year 2022 by carrying forward the losses. The usage of the loss carryover is subject to certain limitations.

Tax Planning: The Tax Benefits of Cost Segregation

Tax Planning: The Tax Benefits of Cost Segregation

May 16, 2022

Business and individual taxpayers that acquire nonresidential real property or residential rental property have an opportunity to reduce the depreciable lives on assets which are building components. Certain assets may qualify for shorter lives and recovery periods under MACRS depreciation. The reduction of the asset lives provides accelerated deductions to offset income.

Five IRS Tips for Filing Your Taxes

Five IRS Tips for Filing Your Taxes

February 08, 2022

The January 31st deadline for receiving your tax documents has just passed, and you are ready to file your taxes; however, the news is full of stories about the IRS and the delays in processing returns this year. The IRS has cited the Coronavirus pandemic and the backlog of 2020 tax returns for the delays. This year, it is more important than ever to ensure you use extra caution when filing your tax returns to avoid processing delays.

Remote Work Can Cause Tax Issues for Employers

Remote Work Can Cause Tax Issues for Employers

January 31, 2022

COVID continues to upend the traditional working environment where your employees work relatively close to the office or in the same state. With the pandemic rolling into its third year, many offices remain closed and allow workers to telecommute. While this may be good news for the employees, it can be potentially bad news for employers.
 

FAQ: Recordkeeping for Businesses

FAQ: Recordkeeping for Businesses

January 17, 2022

Running a business has many challenges, and one of the challenges business owners face is keeping good records. This applies to all businesses, whether they have a couple dozen employees or just a few.