Don’t let your foreign sub invest in US property

Don’t let your foreign sub invest in US property

If you have a Controlled Foreign Corporation (CFC) that has earnings and profits that haven’t yet be distributed to owners, then you are at risk for what international tax planners call a "956 inclusion." This refers to internal revenue code section 956, which is a...

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Multidimensional Tracking

Multidimensional Tracking

Multidimensional tracking takes a systematic approach to detailing qualitative information about a transaction. This simple tracking method makes your list of G/L accounts more manageable and allows you to generate useful reports that become powerful tools as you...

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Cash is King; a King Needs Guards

Cash is King; a King Needs Guards

I was recently dining with a group of cannabis business entrepreneurs, and while leaving the restaurant, stray cash was falling from one of these entrepreneur’s pockets. As I picked it up and handed it to him, my thoughts immediately jumped to cash controls. There are...

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Discounts on Future Purchases Make for Tricky Deductions

Discounts on Future Purchases Make for Tricky Deductions

Retail businesses will sometimes run customer loyalty programs that offer discounts on future gasoline purchases after qualifying purchases are made which customers may end up not using before the expiration date. The IRS says that you cannot deduct these discounts on your business income tax return until they are actually applied to purchases. Despite the IRS stance on this issue a taxpayer was able to win a case against it in the Third Circuit Court recently which reiterated the fact that this is a complicated issue.

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Purchasing an LLC interest

Purchasing an LLC interest

There are a number of considerations when buying ownership or even just part ownership of a business. If you are buying out someone else’s LLC membership, here is one more tax opportunity to consider.

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Exiting your LLC or partnership

Exiting your LLC or partnership

Open up a treatise on LLC and partnership tax law and you'll likely find a topic labeled, "Retiring or Deceased Partners."  As a young professional, that label for an important area of tax law always sounded so ominous to me.  Now that I'm older, retirement doesn't...

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How To Track Mileage via Mobile Apps

How To Track Mileage via Mobile Apps

As you may Know, many people are opting to use a mileage app on their smart phone in lieu of the paper mileage logs. We feel that most of our clients have already taken this route. Therefore, we will be phasing out providing these mileage logs within the next couple...

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True Leases vs Conditional Purchases

True Leases vs Conditional Purchases

Read True Leases vs Conditional Purchases, on LinkedIN by Tyee Carr, MJ Principal, Business Advisory Services. The article discusses the difference between the tax return positions and financial accounting standards for leases. Please contact our business advisory...

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When Obligations Are Not LLC Tax Basis

When Obligations Are Not LLC Tax Basis

Your LLC's equipment lease may be considered a liability that creates tax basis in your LLC. However the structure of the lease agreement is important to obtaining the intended tax result. Check out this article by Tyee Carr on LinkedIn covering this issue in a recent...

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