Tax Planning vs. Financial Planning: Why You Need to Understand the Difference
Many business owners assume tax planning is something to think about later – often lumped together with retirement or viewed as a byproduct of financial
Categories
Recent blogs
Tax Planning for a Business Sale: Factoring in Goodwill
The term “goodwill” might initially bring to mind donating items to charity or even Christmas carols. However, in the world of tax accounting, goodwill refers
Partnership Tax Complications: Navigating Negative Capital Accounts and DROs
Starting with tax year 2020, the IRS is requiring partnerships to report their capital accounts using the tax basis method. Capital accounts show the equity
Tax Basis Method for Partnerships: The Transactional Approach
At the end of 2020, the IRS announced important changes to their compliance rules for partnerships. Starting with tax year 2020, partnerships must report their
Understanding Partnership Capital Accounts
Beginning in tax year 2020, the IRS has updated its compliance rules for partnerships. Most partnerships will now be required to report their capital accounts.
Calculating Adjusted Tax Basis in a Partnership or LLC: Understanding Inside vs. Outside Basis
Calculating adjusted tax basis in a partnership or LLC takes us into a complex area of tax law. Remember that the tax basis is equal
Tax Basis for Inherited or Gifted Property: Implications for S Corporations and Partnerships
In a previous blog, we discussed tax basis—the amount that a taxpayer has invested in business assets, which determines the gain or loss when the
Debt Recourse and Tax Deductions for Partnerships and S Corporations
In a previous blog, we discussed how a shareholder in an S corporation or a partner in a partnership needs sufficient tax basis to claim
Overcoming Limits to Tax Deductions for S Corporation or Partnership Losses
Understanding tax basis is key to maximizing tax deductions, especially for shareholders or partners involved in an S corporation or partnership. Tax basis refers to
Business Losses and PPP Loans: Understanding Tax Implications for S Corp Shareholders
Business losses have become all-too common during COVID-19. Though new tax benefits have been introduced, understanding whether these will benefit a specific business can be
The Real Estate Tax Implications of California Prop 19
California Prop 19, also known as “The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act,” went into effect