Category Archive: Tax

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5 Tips For Safe Intrafamily Loans

If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift ...

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The Ins And Outs Of The Easing Of Loss Limitation Rules

Abstract: To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the CARES Act eases the rules for claiming certain tax losses. This article provides an overview of ...

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Gig Workers, Know Your Tax Responsibilities

Abstract: Gig workers represent a growing segment of the economy. And no matter what the job or app, they all have one thing in common: income tax obligations. This article explores the distinctive income tax ...

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Relaxed Limit on Business Interest Deductions

Abstract: To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that had gone into effect ...

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Two Convenient IRS Electronic Payment Options For Taxpayers

According to a recent Forbes’ article “IRS Faces Huge Backlog of Unopened Mail As Workforce Returns,” the estimated backlog of unopened IRS mail was at 11 million pieces as of June 2020. Perhaps the largest ...

Tax Implications and Incentives for Physician Practices During COVID-19

The rapidly-changing regulatory environment and what this means for physician practices   COVID-19 has changed the way physicians practice medicine. The CARES Act has put forth many provisions for healthcare practitioners to survive. The Trump ...

Hey Vance, How Long Should I Keep My Tax Records?

Regularly, I am asked how long one should keep tax records.  This is an important and straight-forward question. My usual answer is less direct: “it depends.” As you can see below, that’s a pretty good ...

The TCJA Limit on Interest Expense Deductions

Abstract:   The Tax Cuts and Jobs Act introduced a variety of tax benefits for businesses. At the same time, the act placed limits on several tax breaks, including the amount of interest expense a business ...

What You Now Need To Know About Meal, Travel, and Entertainment

Abstract: When owners, managers and salespeople attend trade shows, call on customers or evaluate suppliers, they may incur meal, travel, and entertainment expenses. This article explains that many of these expenses may be deductible if ...

Did You Repair Your Business Property or Improve It?

Abstract: Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs ...

Excess Business Loss Rule May Be Unfavorable To You

Abstract: Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to ...

Family Office Structuring in Light of Lender Ruling

Recent court rulings and tax reform legislation has an impact on family office expense deduction. The lack of definition and bright-line test determining “trade or business activities” means that we must carefully consider the distinct ...