2018 ‘Dirty Dozen’ list

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Fake charities make 2018 ‘Dirty Dozen’ list; Taxpayers should be alert to scams involving disasters, worthwhile cause WASHINGTON — The Internal Revenue Service warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don’t actually qualify for a tax deduction. These ‘fake’ charities attempt to attract donations… Read more »

1202 Qualified Small Business Stock – The Startup Investors Dream

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Many people (including some tax accountants) do not know, or forget, that there is a potential significant tax benefit for having invested in a startup business that is either a C Corporation or converts to a C Corporation from another structure such as a Partnership or LLC.  This benefit comes by way of what is… Read more »

Forms 1096/1099- What are they and do I have a filing requirement?

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File this form for each person to whom your business paid during the year: Payments paid to a single contractor, individual, partnership, or LLC totaling $600 or more for services performed (ie consulting, maintenance, lawn care etc.) Payments totaling $600 or more for rent paid to an individual, partnership or LLC (ie office space, machines, equipment… Read more »

Tax Reform – How to Prepare:

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As I am sure many are aware, Congress is working on a bill to revise the tax code. The current public draft of the bill will reduce the deduction for state and local income and property taxes for 2018 and future years. Also, many will no longer receive a tax benefit from charitable contributions or… Read more »

Meals & Entertainment-update for the 2017 Tax Cuts and Jobs Act!

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Blog update for the 2017 Tax Cuts and Jobs Act!! For those of you who may have not yet heard, the 2017 Tax Cuts and Jobs Act put a major damper on tax deductions for entertainment expenditures. Basically for 2018 and going forward the tax deduction for entertainment deductions is stuck at a measly 0%…. Read more »

New Regulations on Valuation Discounts for Closely Held Family Businesses

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By: Andrew Ziolo, CPA    One of the biggest concerns I have seen facing family-owned businesses is transferring the business to family as cheaply as possible, from a tax perspective.  And who can blame someone for wanting to do this? It is hard to find people who want to pay more in tax than they… Read more »