In the News

Copyright 2020
Despite the COVID-19 crisis, residential real estate prices generally remain stable or are even rising in many areas. Even so, pandemic-related financial stress may cause some homeowners to be unable to make their mortgage payments. Here are the range of federal income tax consequences that might happen if a lender eventually forecloses on a principal residence.
Copyright 2020
Do your children or grandchildren receive unearned income from investments? Federal tax law contains provisions that are designed to prevent high-net-worth individuals from shifting investment income to children and young adults in lower tax brackets to minimize the family's overall tax bill. These so-called "kiddie tax" rules have gone through several changes in recent years. Here's the latest.
Copyright 2020
There are opportunity costs lurking in your electric bill. Performing an energy audit can find your plant's power hogs, which is the first step in slashing energy costs. If you haven't had an energy audit recently or haven't made energy reduction a plant-wide priority, chances are you're spending more for power than you need to.
Copyright 2020
Construction projects require cooperation and coordination among a long list of participants including architects, contractors, subcontractors and others. So it's not surprising that even the most straightforward construction projects can result in disputes and ultimately, costly litigation.
Copyright 2020
Awkward. That's likely the word that comes to mind when you or members of your staff think about confronting patients who have a habit of arriving late -- or not at all. Discussing a patient's penchant for no-shows takes a bit of fancy footwork at the very least. Mishandle the situation and you may lose a loyal patient.
Copyright 2020
Maintaining detailed time records for staff may not be your favorite task. Unfortunately, it's not negotiable. Timekeeping — for volunteers and individuals paid for their work — is necessary for most not-for-profit organizations. However, there are ways to make the job less onerous.
Copyright 2020
Contrary to popular belief, there's nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in mind.
Copyright 2020
Purchases of new and used business vehicles may qualify for tax breaks under current tax law. If you need a new vehicle to use for business purposes, review these details before you go shopping. Some vehicles may qualify for bigger deductions than others.
Copyright 2020
The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021?
Copyright 2020

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income.

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