Who needs an estate plan?

Who needs an estate plan? Quick answer: Everyone Despite what you might think, estate planning isn’t limited to only the rich and famous. In fact, your family is likely to benefit from a comprehensive plan that divides your wealth, protects your well-being and...

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IRS Regulations Regarding Service Businesses

Pass-Through Businesses The Tax Cuts and Jobs Act allows a temporary deduction in an amount equal to 20 percent of qualified income of pass-through entities, subject to a number of limitations and qualifications. The first limitation occurs for all pass-through...

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The Tax Cuts and Jobs Act – June 2018 Update

The Tax Cuts and Jobs Act – June 2018 Update

The Tax Cuts and Jobs Act was passed in December with many unanswered questions and ambiguities. You are likely to hear from us from time to time to give you updates when more guidance has been provided. The American Institute of CPAs as well as the head of the Ways...

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Not-For-Profit Financial Reporting Changes

Not-For-Profit Financial Reporting Changes

Financial reporting for not‐for‐profit organizations has not changed significantly in many years. Financial statements will change for all not‐for‐profit organizations and will include some changes in presentation and enhanced disclosures. The new standard is...

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2017 Tax Cuts Act: What it Means

The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Click on the link(s) below to see how this legislation impacts specific entity types. 2017 Tax Act...

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What is Partnership Taxable Income?

What is Partnership Taxable Income?

Partnerships or LLCs taxed as partnerships, don’t pay federal income tax.  Instead we say they “flow through,” the income to their owners.  So what do we mean, when we use the phrase, “Partnership Taxable Income?” To read the full article, go...

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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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