RogerRossmeisl

APRIL 27, 2025

Suppose your adult child or friend needs to borrow money. Maybe its to buy a first home or address a cash flow problem. You may want to help by making a personal loan. Thats a nice thought, but there are tax implications that you should understand and take into account. Get it in writing You want to be able to prove that you intended for the transaction to be a loan rather than an outright gift.

income tax 195

income tax CPA Tax accounted 195

RogerRossmeisl

APRIL 27, 2025

Valuation professionals use various methods to determine the fair market value of a private business or business interest. One of the more debated techniques is the excess earnings method. Here are answers to some common questions about this controversial method. Whats the excess earnings method? The U.S. Department of the Treasury originally developed the excess earnings method in 1920 to estimate value lost by businesses during Prohibition.

CPA 211

CPA 211

RogerRossmeisl

APRIL 27, 2025

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties, that generally counts as passive income.

Real Estate 195

Real Estate Tax income tax CPA 195

RogerRossmeisl

APRIL 27, 2025

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees paychecks. In this situation, the IRS can assess the trust fund recovery penalty, also called the 100% penalty, against any responsible person. Its called the 100% penalty because the entire unpaid federal income and payroll tax amounts can be assessed personally as a penalty against a responsible person, or several responsible persons.

payroll tax 147

payroll tax payroll CPA Tax 147

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Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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RogerRossmeisl

APRIL 27, 2025

Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something youd rather forget, theres a silver lining: you can claim a capital loss deduction on your tax return. Here are the rules when a stock you own is sold at a loss or is entirely worthless.

Tax 195

Tax tax return CPA 195

RogerRossmeisl

APRIL 27, 2025

When you prepare your tax return, youll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of household. But if youre one of them, its more favorable than filing as a single taxpayer. To illustrate, the 2025 standard deduction for a single taxpayer is $15,000.

Tax 147

Tax tax return CPA 147

RogerRossmeisl

APRIL 27, 2025

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. (1) Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all taxes withheld.

payroll tax 147

payroll tax payroll Tax income tax 147

RogerRossmeisl

APRIL 27, 2025

Determining the value of a construction company is complex and requires a deep understanding of industry-specific challenges and financial metrics. Whether a construction business owner is planning a sale or merger, securing financing, preparing for succession, or navigating legal matters, an accurate valuation is essential. Professional valuation experts analyze a range of factors unique to construction businesses including homebuilders, commercial real estate developers, subcontractors and sp

Construction 147

Construction Real Estate Legal CPA 147