In the News

Copyright 2017

There's no doubt about it:  Business has gone international. New electronic and logistical technologies have narrowed distance and time, and trade agreements have opened markets. And manufacturers are in a good position to venture into the business of exporting.

Copyright 2017

Sooner or later, most construction firms need financing for an expansion, new equipment or a new facility. The process of approaching a lender can be daunting, but with a few well-planned steps, you can boost your chances of successfully finding the money you need.

Copyright 2017

Let's say a partner in your medical practice exits partway through the firm's tax year. How are partnership tax items for that year allocated between the departing partner and the remaining partners? There is more than one way to handle this situation. In general, three methods are allowed for making such allocations. (Source: Treasury Regulation 1.706-1(c)(2))

Copyright 2017

Do you provide car rides through a mobile app, rent out your spare room  using an online platform or repair computers for local businesses on demand? If  so, you may be considered part of the "sharing economy" (also known as the Gig or on-demand economy).

Copyright 2017

Many taxpayers own vacation homes that they've rented out and also used as their personal residences. Can one of these homes be traded for another vacation home in a tax-deferred Section 1031 exchange? According to the IRS, the answer is "yes" under the right circumstances. The IRS has even issued guidelines for how to do it. (IRS Revenue Procedure 2008-16)

Copyright 2017

Games of chance like bingo and raffles are often synonymous with tax-exempt organizations. However, the income from such "gaming" activities operated by charities is not automatically tax-free. The IRS has provided more insight into the key rules in this area in its Publication 3079, Tax-Exempt Organizations and Gaming.

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