LyfeAccounting

JULY 30, 2021

In today’s post, we’re going to settle the great debate once and for all – and that is the answer to one question: Which is the better investment – stocks vs real estate? It’s no secret that real estate investing has created 90% of the world’s millionaires. Which is Better- Stocks vs. Real Estate Investing?

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CPA Practice

OCTOBER 30, 2023

Estate (and Generation-Skipping Transfer) Tax Return Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return Form 730, Monthly Tax Return for Wagers Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons Form 1066, U.S.

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Cherry Bekaert

MAY 27, 2024

The new law applies to income tax years beginning after December 31, 2023. The act provides tax incentives for developers who take on the challenge of restoring and repurposing these buildings, breathing new life into communities and stimulating economic growth.

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LyfeAccounting

MAY 13, 2021

If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. Uncle Sam’s piece of the pie is called the capital gains tax. Uncle Sam’s piece of the pie is called the capital gains tax. Both of these taxes are taxed differently.

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Withum

NOVEMBER 16, 2023

Withum is proud to share that the Los Angeles Business Journal has recognized Aza Ghazaryan , Tax Partner, and Kerra Diener, Tax Senior Manager, on its Top 100 Accountants list for 2023. Aza Ghazaryan , CPA, MBA, is a tax partner with over 15 years of experience helping businesses minimize their tax liability.

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Xero

MAY 27, 2022

If you’re a landlord , you’ll likely have felt the rumblings around Making Tax Digital for Income Tax Self Assessment ( MTD for ITSA ). . For example, if you’ve received income from shares in a real estate investment trust (REIT), you won’t have to comply. There are some exemptions to MTD for ITSA rules.

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Withum

OCTOBER 20, 2022

The new lease accounting standards under ASC 842 were effective for private companies beginning January 1, 2022. These new standards require companies to record substantially all leases on their balance sheets and will affect real estate leases for both tenants and landlords. Author: Lauren Riso | lriso@withum.com.

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CPA Practice

JUNE 19, 2023

If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. Real estate is one example. Investors can own real estate in their investment portfolio through a REIT, or a real estate investment trust. REITs can also have a high distribution yield.

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Xero

JANUARY 30, 2024

Property investment accounting, or landlord accounting, manages your property portfolio assisting with tax compliance and return on investment. Your success lies in solid financial and legal foundations to weather storms – real or metaphorical. Your primary residence is usually exempt.

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CTP

DECEMBER 28, 2021

Understanding the benefits and drawbacks of different retirement plans is crucial to long-term tax planning. Most retirement plan investment earnings are taxed at ordinary income tax rates—you receive an ordinary tax deduction for every contribution, and you pay ordinary income tax rates when you withdraw funds.

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SkagitCountyTaxServices

FEBRUARY 4, 2021

So, to that end, I’m here today with a large tax checklist that you can work from for your personal income taxes , understanding that every situation is a little different. A Checklist For Skagit County Business Owners’ For 2020 Personal Income Taxes “Don’t wait. So … here we go.

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CPA Practice

JULY 31, 2023

Professionals on the Move is a round-up of recent hiring and promotion announcements from across the accounting space. He provides accounting and assurance services to both public and privately held companies, primarily those within the construction and manufacturing sectors. Deatrick joined the firm in 2009.

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FraudFiles

MAY 23, 2022

One of the most common financial documents reviewed in a divorce or child support case is the income tax return. Tax returns don’t seem all that exciting, and appear to just be a record of what was earned by a party. Capital Gain or Loss – May point to investment accounts, stocks, business interests, or other investments.

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CPA Practice

FEBRUARY 27, 2024

Whether you’ve been self-employed for ages or are one of many entrepreneurs to have launched a business recently, lowering your taxes is always a savvy business strategy. Professional Fees : Need an accountant or bookkeeper? Self-Employment Taxes: One of the most common self-employment deductions is self-employment tax.

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CPA Practice

MARCH 13, 2024

million in income taxes, excluding interest and penalties. The IRS notified Barrett that she owed taxes by letter correspondence, telephone calls, bank account and property seizures as well as interviews with IRS agents. In addition to the term of imprisonment, U.S. District Judge Brian A.

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CPA Practice

APRIL 12, 2023

By Dawn Moser Tax forms are notoriously confusing, and with such high stakes, important to get right. We all know the IRS is keen on collecting the right amount of income tax, but determining that amount can get tricky. Especially when one considers everything that counts as income. citizen.

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Cherry Bekaert

JUNE 30, 2023

These changes can bring opportunities for companies to better align themselves within the market and their customers, but also can have implications for accounting and finance functions within the industry as well. Every organization and accounting department has different needs and business drivers.

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ThomsonReuters

AUGUST 25, 2023

How is depreciation taxed on the sale of rental property? How do you avoid depreciation recapture tax on rental property? There are also tax benefits to be gained. Clients with a higher income may also be subject to net investment income tax (NIIT). There is a way to avoid depreciation recapture tax.

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CPA Practice

APRIL 1, 2024

Others would rather not have their kids or their estate pay more than necessary to Uncle Sam. Below, I will explain four strategies to leave more by paying less (in taxes). Leave behind real estate. Despite preferential tax treatment on primary residences, this came with a large tax bite.

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CPA Practice

MARCH 19, 2024

As we approach the April tax deadline, it’s a better time than any to review some basic tax tips that can help you better understand how to accurately account for these milestones. See below for some of the most common major life events and advice on how to account for them during filing.

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CPA Practice

JANUARY 22, 2024

After taxes, however, you find that your nest egg has shrunk to $1.5 Still, you figure that’s better than investing your assets in a brokerage or other non-tax-deferred account with after-tax dollars and a requirement that you pay taxes every year on income and/or capital gains. Be tax-aware.

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CPA Practice

OCTOBER 4, 2023

Massachusetts introduced a state-level wealth tax last year, and the legislatures in California , Connecticut , Hawaii , Illinois , Maryland , New York , Oregon and Washington have all seen wealth tax bills introduced this year. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.

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Going Concern

FEBRUARY 16, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. public accounting firms, however, turnover has continued to increase.

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ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

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Going Concern

JANUARY 26, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Indeed, trust is not built on mitigating risks alone. million from the federal government.

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CPA Practice

MARCH 18, 2024

Top 500 accounting firm JHM Certified Public Accountants, based in Chattanooga, is expanding its presence in eastern Tennessee by combining with Harting, Bishop & Arrendale (HBA) in Cleveland, TN. The combined firm will operate under the name of JHM Certified Public Accountants. million in its most recent fiscal year.

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ThomsonReuters

NOVEMBER 15, 2023

Helping clients with charitable contribution deductions on their tax return Giving generously to causes we support not only enriches our communities, but it can also come with potential tax benefits. To determine if your charitable contributions are tax deductible, use the IRS Interactive Tax Assistant. In the U.S.,

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CPA Practice

JANUARY 24, 2023

Unlike other industries, cannabis business leaders must navigate an industry with exceptionally high tax rates and complex, ever-changing legal requirements. Instead, operators should consider outsourcing their accounting functions. Here are the five major benefits of outsourcing accounting functions in the cannabis industry: 1.

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inDinero Accounting

OCTOBER 16, 2023

Fortunately, with the help of indinero’s accounting services for small businesses , it doesn’t have to be so difficult. Other reasons include: Prior bankruptcy Negative taxable income Prior violent or financial felony or misdemeanor Certain industries are ineligible for SBA loans as well. What Is an SBA Loan?

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CPA Practice

MARCH 13, 2023

Payne Nickles & Company Hires First Chief Operating Officer to Drive Growth and Efficiency Payne, Nickles & Company, a full-service accounting, and business advisory firm, recently announced that Abbey Bemis will join the firm as its first Chief Operating Officer.

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FraudFiles

JANUARY 20, 2022

When attempting to determine if there are hidden assets or undisclosed sources of income, the basic investigative process involves tracing funds. The income tax returns of an individual (and a business, if it is owned by one or both of the parties to the family law case) are the most basic documents needed to analyze the finances.

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CPA Practice

AUGUST 16, 2023

For federal tax purposes, the IRS treats digital assets as “property,” and therefore transactions involving virtual currency are subject to the same general tax rules that apply to property transactions involving stock or real estate. The IRS is looking for unreported assets,” said Lucas Rihely, a tax partner at H2R CPA.

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ThomsonReuters

OCTOBER 12, 2023

For accountants, understanding how to navigate foreign asset reporting is essential, as the IRS requires taxpayers to report certain foreign assets to ensure compliance and combat tax evasion. It is filed with their annual federal income tax return if they meet certain criteria. Generally, any U.S.

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CPA Practice

JULY 11, 2023

Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, is proud to announce the addition of seven new shareholders to its ownership group. Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting.

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inDinero Tax Tips

MARCH 2, 2023

Therefore, crypto is subject to capital gains taxation, just like other capital assets such as equities, real estate, and bonds. That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. Do You have to pay taxes on cryptocurrency gains?

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FraudFiles

MAY 2, 2022

If you have access to any bank, credit card, or investment accounts online, it’s advisable to go into the accounts and download all available statements and supporting documentation. Do it right away in case you lose access to that account later. Income tax returns. Bank account information.

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Cherry Bekaert

NOVEMBER 29, 2023

Active Review basis in S corporation stock and partnership interest to allow losses Assess impact of Section 163(j) limit to business interest expense Consider gain deferral by investing in Qualified Opportunity Zone Fund Consider like-kind exchange for real property transactions Calculate the potential Section 199A deduction to maximize compensation (..)

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