Essential Steps to Launching a Successful Small Business
July 4th, 2024 Starting a small business is a rewarding yet complex endeavor, requiring careful planning and execution. As a CPA with 24 years of experience, I have guided numerous entrepreneurs through the process of setting up their businesses. This article outlines crucial steps to help protect your personal assets, optimize tax benefits, and ensure […]
Read MoreTCJA Sunsetting: What This Means for Your Tax Bill
Caroline J. Marschall June 11th, 2024 Starting January 1, 2026, several provisions of the Tax Cuts and Jobs Act (TCJA) will expire, leading to significant changes in the tax code. Here are the key changes, along with additional important information: The tax hikes from TCJA expiration would vary across the United States, with the largest […]
Read MoreAn Argument Against Holding Real Estate in an S Corporation
As a CPA, it is crucial to understand the tax implications of different business structures for real estate holdings. One common mistake is placing real estate properties into an S Corporation (S Corp). Here are several compelling reasons why this should be avoided: 1. Taxation on Distributions When real estate is held in an S […]
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Business Assets: Section 1231, 1245, and 1250
Jessica I. Marschall, CPA, ISA AM January 23rd, 2024 Section 1231, Section 1245, and Section 1250 are provisions of the United States Internal Revenue Code that deal with the taxation of certain types of assets. What About Depreciation Recapture? Depreciation recapture under Section 1245 and Section 1250 refers to the process by which the IRS […]
Read MorePartnerships: Dissolution and/or Conversion to Single Member LLC
December 26, 2023 Partnership Dissolution When a partnership dissolves, it means that the business relationship among the partners comes to an end, and the assets and liabilities of the partnership need to be settled. In the context of a partnership, the capital accounts of each partner represent their ownership interest in the business. If some […]
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