Tue.Aug 17, 2021

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Debt Recourse and Tax Deductions for Partnerships and S Corporations

CTP

In a previous blog, we discussed how a shareholder in an S corporation or a partner in a partnership needs sufficient tax basis to claim a business loss. Tax basis refers to the amount that a taxpayer has invested in business assets, calculated by taking the purchase price and subtracting any accumulated depreciation. If the […]. The post Debt Recourse and Tax Deductions for Partnerships and S Corporations appeared first on certifiedtaxcoach.

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The July 2022 Season for 401(k) Plan Amendments Opens Soon

LSLCPAs

Running a retirement plan requires following all the IRS requirements to the T. Each year, the IRS issues a list of required amendments along with the general plan amendment deadlines to go with them. The IRS has amended the amendment. The New Determination Program Rev.Proc.2016-2037 is here. The rules may change according to the type. The post The July 2022 Season for 401(k) Plan Amendments Opens Soon appeared first on LSL CPAs.

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SALY

RitaKeller

“Tomorrow is the first blank page of a 365-page book. Write a good one.” – Brady Paisley. This term has been used by CPA firms for decades. SALY – Same As Last Year. Do you remember when a new team member was assigned a routine individual tax return and the partner or manager would send the client’s file with a note simply stating SALY?

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KROST Welcomes New Principal – Evelyn Fernandez

KROST

Los Angeles-based CPA Firm, KROST CPAs and Consultants, welcomes Evelyn Fernandez, CPA, MST , as a new Principal. Evelyn has over 15 years of experience in the public accounting profession, providing strategic advice and tax planning to her clients. Her areas of expertise include inbound and outbound tax planning for individuals and multi-national entities, tax planning and compliance for high-net-worth individuals, partnerships, S corporations, trusts, nonprofit organizations, and entertainment

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Doing More with Less Never Goes Out of Style

Withum

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The Enigma of Drop Shipments for Sales Tax Purposes

TaxConnex

Sales tax is full of complexities, but there are certain topics that seem to cause more of a headache than others. Drop shipments are one of those topics. As e-commerce continues to explode – it almost doubled during the pandemic and was already rising sharply nationwide in early 2019 – drop shipment transactions have become even more prevalent. Many companies have added marketplaces on websites and don’t maintain their own inventory for online purchases.