There are common tax issues that arise during a divorce. However, during such an emotional time, working through those tax issues could be the furthest thing from someone’s mind. Divorce attorneys are there to help with the physical separation of assets and to handle custody and support arrangements, but the tax implications of the agreements […]
HSA Tax Planning Tips
There can be a lot of confusion surrounding HSA Tax planning. Here are a few things to keep in mind. An HSA does not have to be through an employer. An individual can open an HSA account You must be enrolled in a high deductible plan to contribute to an HSA When looking for an […]
GAAP Reporting for Not-For-Profits is Changing
Not-for-profit (NFP) reporting has remained relatively constant over the past two decades. However, changes are finally coming. These changes are the result of Accounting Standards Update 2106-14 (also known as ASU 2016-14). The updates from this ASU are effective for fiscal years beginning after December 15, 2017. However, early adoption of the ASU is permitted. […]
Business Owners: Are you a landlord… to your business?
Many business owners often operate their businesses using real estate which they also own. While this can be a great strategy to create wealth for the business owner, it also exposes them to liability: legal issues with the operating business could expose the real estate to legal claims and vice versa. One typical solution separates […]
401K Plans- The Good, The Bad and the Compliance
To remain competitive in the market place, many companies will offer a 401K plan for their employees. Good for you! Of course, now you are saddled with managing the plan’s day to day activities and having to address the multitude of and ever changing regulatory requirements. One of these requirements is the potential need for […]
Tax Talk: Criteria for a Capital Lease
Many businesses choose to lease their equipment. The following four criteria can determine if it is a capital lease: Ownership: The ownership of the asset is shifted from the lessor to the lessee by the end of the lease period; or Bargain purchase option: The lessee can buy the asset from the lessor at the end of […]
Tax Talk: Guarantee of S Corp Loan Didn’t Create Basis to Claim Loss
The tax court has once again held up that a guarantee by an S corporation shareholder on a loan does not create basis according to TC Summary Opinion 2017-9. In a recent case, a shareholder admitted that he did not have stock or debt basis, but his argument was that taking the debt on as the […]
Tax Talk: De Minimis Benefits
The IRS has updated Publication 15-B with more specific information on what benefits are considered De Minimis Benefits and which are not. You can exclude the value of a de minimis benefit you provide to an employee from the employee’s wages. A de minimis benefit is any property or service you provide to an employee […]
Millennials: What They Want and Why it Matters
Millennials can be perplexing to management and human resource departments, with countless studies being devoted to understand this group better. Management teams are generally not comprised of millennials, so they have to rely on studies and feedback from this younger generation to truly understand how to service their needs. As a millennial myself, I hope […]
IRS Hobby Loss Rules
Is it a business or hobby? Are you launching a “side business”? Perhaps you hope to turn your love of writing or photography into a paying gig. Or maybe you’d like to sell some of that beer you’re brewing in the garage. If, like many start-up business owners, you’re operating at a loss, it’s critical […]
