If you are contemplating a realty sale, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years. The first and possibly most important issue is adjusted basis. When computing the gain or loss from the sale of property, your gain or loss is measured from your adjusted basis in the property. Thus, your gain or loss would be the sales price minus the sales expenses and adjusted basis.
If the auditing of internal controls and processes by an independent third party is not anything new for your service organization, then the term SOC Audit shouldn’t be either. For the past couple of years, it has served as the replacement for the old SSAE 16 and SAS 70 reports. A SOC Audit is designed to measure, test, and report on the processes and systems of an organization based on their impact on customer financial reporting and data collected, stored and processed.
Unauthorized electronic payments from business bank accounts are a growing concern. Phishing e-mails and malware allow criminals to take control of your bank accounts to initiate payments out of your accounts. When funds are stolen from a business bank account through an unauthorized payment order, who bears the loss? Probably not the bank.
As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year.
The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first provide a review of the two methods for deducting the use of a business vehicle.
In the spirit of transparency, we wanted to provide you with information that we hope brings peace of mind to you.
In today’s cybersecurity minefield, our IT provider, GreenBean IT, has passed the SOC 2 Type II Audit; that is a rare accomplishment for a local IT managed services provider.
Are you an S Corporation stockholder? Are you taking reasonable compensation in the form of wages? S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If there are gains, these distributions are considered return on investment and therefore are not subject to self-employment taxes.
January is “divorce month”, and 2019 brings new tax rules for couples who split up.
The GOP tax law was passed in December 2017, but it has taken time for certain laws to come into play. One of these laws changes the way spousal support, or alimony, payments are taxed and deducted.
When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three common family tax mistakes and the ramifications associated with each.
Data loss has serious financial implications. Downtime can occur at any time. Even something as small as an employee opening an infected email, or as significant as a natural disaster.
Despite that, 75% of small businesses have no business continuity plan in place.
We have compiled an interesting mix of disaster recovery statistics from a variety of sources. A disaster recovery plan is a lifeboat for your business.