Month: April 2021

Meet Your Local PVA!

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 …

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Real Property Tax Basics

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 …

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2020 Tax Update for the Tax Planner – Part 2

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 …

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2020 Tax Update for the Tax Planner – Part 1

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 …

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Forgivable Expenses

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 …

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New Rules on “Covered Period” – Why is timing so important?

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 …

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Forget about “Simple”

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 …

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Tax Carryovers: Do Statutes of Limitations Force You to Live with Your Mistakes?

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 …

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Corporate Refund Claims With Minimum Tax Credit Perplex IRS

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 …

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