Somewhere within your county, likely at this very moment, a Property Valuation Assessor (PVA) is determining the value of a specific piece of property. Who is your PVA? What is their role? And why does it matter? If you familiarize yourself with your local PVA, you can potentially realize significant property tax savings. Each county […]
Meet Your Local PVA! Read More »
Property tax is one of our country’s oldest taxes; it was even established prior to federal income tax. As far back as the founding of the United States of America, property taxes were assessed on colonists who were settling this country. Property tax is (and has been) one of the primary sources of revenue for
Real Property Tax Basics Read More »
This is our second posting on the topic, so please check out Thursday’s blog, if you missed it. There have been so many tax changes this year! As you might expect, it is difficult to cover them all. We’ll try to highlight a handful of changes that we think will be most relevant to you
2020 Tax Update for the Tax Planner – Part 2 Read More »
There have been so many tax changes this year! As you might expect, it is difficult to cover them all. We’ll try to highlight a handful of changes that we think will be most relevant to you as a tax professional. We’ll skip over the changes that are compliance-related, and focus on the provisions from
2020 Tax Update for the Tax Planner – Part 1 Read More »
Good news on forgivable expenses! There is a lot more that is eligible for forgiveness, and not just for new loans. The expanded categories apply retroactively to initial loans, as long as the taxpayer (the borrower) has not already applied for forgiveness. Let’s start with payroll costs. Under the old rule, we had a ratio
Forgivable Expenses Read More »
This post is focused on timing. Why is timing so important? From a tax-saving standpoint, not every dollar of deduction is worth the same amount every year. The savings depend on the taxpayer’s rate at the time the deduction is taken. For example, let’s say that you run a restaurant and your business was really
New Rules on “Covered Period” – Why is timing so important? Read More »
Although the focus of this post is PPP forgiveness, the loan itself is a great deal. The payment terms are phenomenal, and it can be essential to helping people get back on their feet. So even if you have clients that don’t qualify for 100% forgiveness, the interest rate is phenomenal. But loan forgiveness is
Here is a common misconception: if a task is simple, it isn’t valuable. Don’t take this misconception lightly, as it can have huge implications regarding how you promote your business and the value you create. Pricing and effort are often (but not always) aligned. A painter, for instance, will charge a lot more to paint
Forget about “Simple.” It’s VALUE that counts. Read More »
We have previously discussed the statute of limitations regarding tax audits when the taxpayer applies a net operating loss (NOL) to a year that is before or after the year that the loss occurred. Although the IRS may not audit a taxpayer three years beyond the return, when a taxpayer applies a net operating loss, the
Tax Carryovers: Do Statutes of Limitations Force You to Live with Your Mistakes? Read More »
Corporations have been receiving refunds from carrying back net operating losses, but those taxpayers with alternative minimum tax implications in that carryback year might need to check those refunds twice. “Clients are receiving refunds particularly on more straightforward filings” of Form 1139, “Corporation Application for Tentative Refund,” Kirsten Wielobob of EY said June 26 during
Corporate Refund Claims With Minimum Tax Credit Perplex IRS Read More »