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President Trump signed the Coronavirus Aid, Relief, and Economic Security Act “CARES Act” into law which provides relief funds to help stimulate the economy from the impact of the COVID-19 pandemic. Small businesses that would like to apply for a loan with reduced interest and potential forgiveness should apply through the Economic Injury Disaster Loan...
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The IRS lays out specific requirements and qualifications in order to properly take the charitable contribution deduction. For taxpayers, including individuals, partnerships, and corporations who want to take a deduction for noncash charitable contributions over $500, they must file Form 8283. Form 8283 should accompany the taxpayer’s return for the year they contributed the property...
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When businesses, whether as a seller or a purchaser are going through the acquisition process there is likely to be discussion as to whether the acquisition will be structured as an asset purchase or a stock purchase.  There are advantages and disadvantages to a an asset purchase and a stock purchase to both the seller...
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Many individuals (and businesses) buy stock and securities with the hopes and intent of the securities appreciating and perhaps paying interest or dividends.  What determines when an individual is treated as an investor, dealer or trader?  Furthermore, what is the tax treatment and proper way to report income and expenses when one is classified as...
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When an asset is placed into service and depreciation is taken as a deduction, the adjusted basis of the asset will be impacted.  The video below has been prepared by a tax attorney at The McGuire Law Firm to discuss this issue.  Please remember to always consult your tax attorney, business attorney, CPA and/or other...
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Contributions to a 401(k) are qualified deferrals.  This means that the amount should not be included in your income when calculating income tax.  You can check your W-2 and the amount of taxable wage should not include the 401(k) contributions.  The video below has been prepared by a tax attorney at The McGuire Law Firm...
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When forming a partnership the partners will make initial capital contributions and may make additional contributions depending upon the operations of the partnership and partnership agreement.  Common capital contributions may include cash, property (vehicles, equipment, computers etc.) and sometimes services. The video below has been prepared by a tax attorney and business attorney at The...
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Many corporate shareholders may have taken a loan from their corporation.  In a prior article we discussed issues related to corporate loans and issues considered regarding the reclassification of a loan.  The article below discusses issues and actions a shareholder may consider taking to prevent the reclassification of a loan.  Please remember that this article...
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Often times a payment or payments to S corporation shareholders will be booked or accounted for as a loan to shareholder.  Sometimes this is purposefully, other times, it may be due to lack of options.  These loans can be advantageous with the proper planning and/or under certain circumstances, but they can also create and lead...
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If you take mileage as a deduction on your income tax return, the IRS audit tip below may help you.  Many individuals will claim mileage as a non-reimbursed employee expense on Form 2106, or if self-employed, on a Schedule C, or the deduction may even be stated on another business income tax return.  Most individuals...
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