If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost
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A few years ago, IRS Revenue Procedure 2018-15 changed the rules regarding not-for-profit restructuring. If you’ve participated in a restructuring in the past, you’ll be relieved to know that in many cases it’s now easier. Even so, if recent challenges have led your organization to consider restructuring, it’s important to work with a professional advisor,
Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to accurately forecast cash flow is critical. Here are four ways to refine your approach: 1.
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation
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Budgetary shortfalls may have your not-for-profit looking for new sources of support. If those sources are international, be careful. Activities such as soliciting donations, recruiting members and selling products in foreign countries can raise tax and legal issues. Is there a need? Before your nonprofit adopts a global strategy, make sure that the need for
Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind — and to remind your sales team — is that effective storytelling can also drive sales. This doesn’t mean devising fanciful, fictional tales to
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of
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