Restructuring Debt as a Business Strategy

Many businesses are facing the financial effects of the Covid-19 pandemic. The loss of clients and decreased cash flow have forced businesses to make some hard choices that involve restructuring debt either in- or outside of bankruptcy or simply closing the doors. Key Considerations The first task for company leaders is leaving their emotions aside […]

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What you need to know about FBAR

Do you have foreign assets? Each United States person—citizen, resident, corporation, partnership, limited liability company, trust and estate—must file a Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of […]

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Hobby or Business: The IRS Takes a Stand

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allowable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it advantageous […]

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I Sell Tangible Products Online – Do I Now Have to Remit Sales Tax?

South Dakota v. Wayfair – Selling Online in Florida —- Do I Need to Collect Sales Tax? The June Supreme Court decision, South Dakota v. Wayfair, is fairly complex, but can be boiled down to some fairly simple terms for determining if and how this will affect your business. Currently, remote retailers are not required […]

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IRS Issues New Guidance for Calculating Wage Levies

For those having their wages levied by the IRS, the levies are sent to the tax debtor’s employer via Form 668-W, Notice of Levy on Wages, Salary, and Other Income. This form contains six parts. Prior to the Tax Cuts and Jobs Act (TCJA), the employer was required to give the employee the Statement of […]

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Understanding Sales Tax

Sales tax is inherent in almost all small businesses. No matter how remote or small your business, you are liable for collecting sales tax within your footprint. Until recently, it had long been the rule that states cannot collect sales tax from vendors that sell products in their state, unless the vendor had a physical […]

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Business Identity Theft–Is Your Data at Risk?

The IRS and state tax authorities have made significant strides in curbing individual identity theft over the last several years. With a decrease in individual identity theft, cyberattacks against businesses are on the upswing now. Here are some simple ways business taxpayers can help protect their data from hackers. Trends in ID Theft In February, […]

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4 Home Loan Mistakes Everyone Makes

Buying a home seems more feasible and affordable than it has in recent years. When shopping for a home loan, it’s important to take the right measures to guarantee that the loan meets your needs and your budget. Each June, the American Bankers Association celebrates American Housing Month to highlight the housing or housing loan […]

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Spring Cleaning: When Can You Purge Your Old Financial Records?

Feeling the urge to purge? Summer’s coming, so it’s likely you’re wrapping up your spring cleaning before your summer fun begins. April 17, 2018 was the deadline for individuals and C-corporations to file their federal income tax returns for 2017 (or to file for an extension). Before you throw out your old financial records, however, […]

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The New Tax Law: How it Will Affect You

On December 22, 2017, President Trump signed the new tax reform bill, the Tax Cuts and Jobs Act, into law. This new tax law brought big changes for both individuals and companies. In general, the changes to individual provisions expire at the end of 2025, but the corporate changes are permanent. While new the new […]

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