There is an very funny scene in the movie The Wolf of Wall Street, when Max Belfort (played by Rob Reiner) bursts in on his son, Jordan Belfort (Leonardo DiCaprio) demanding to know why he spent $26,000 on a single client dinner expense. And while the IRS does allow deductions for T & E, or …
According to the IRS, the percent of all tax returns audited for tax year 2017 was 0.5%. That number went down to 0.45% for tax year 2018. The even better news is that most of the returns audited were done so via correspondence – 74.8% of all audited returns filed in 2017. So, the likelihood …
Many people believe their CPA plays the same role as a tax professional would. But they actually play two very different and distinct roles. Both are important and you need both. The distinction comes down to the roles they each play in your financial welfare. Your CPA is typically the person who prepares and files …
Owning and leasing vacation rental property can boost your income and be a great investment. However, it can also become a hassle at tax time. In this month’s article, we will show you the ins and outs of tax rules relating to vacation rental property to help you maximize your real estate rental income deductions. …
CPA Tom Gibson and attorney Thomas Goldman discuss some of the steps necessary to ensure that you are treating your business as a business, including: • Segregation of business assets • Corporate formalities • Taxation of different entity types • Reasonable compensation • Co-mingling of assets
Millions of Americans are enjoying the flexibility of working from home today as we do our best as a nation to “flatten the curve” of the coronavirus. Not only does working from home provide more time and freedom to get work done on your own schedule but it also provides a valuable tax-savings deduction as …
The world has just suffered a sudden stop in economic activity unlike anything that’s ever been seen before due to the COVID-19 virus outbreak. With America now the global epicenter of the outbreak, and US infections still expected to rise, both business and social activity has come to almost a complete standstill. Schools and many …
John D. Rockefeller established the first family office in 1882 to manage his family’s wealth but much has changed over the last century. No longer are family offices and family office services reserved for just the ultra-wealthy. Rather, it is the goals and circumstances that dictate the need for family office services. You may ask …
The Tax Cuts and Jobs Act of 2017 brought tax relief for American taxpayers and corporations, and it also provided a new tax saving opportunity for independent business owners in the form of the targeted deduction for Qualified Business Income (QBI) of a pass-through entity. If you qualify for this valuable tax savings tool, we …
