MLR

Category: Tax Related Topics

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

In merger and acquisition negotiations, taxes are an important consideration. Do you fully understand the tax consequences of purchasing the assets of a business? The rules are especially confusing if you operate the new entity as a so-called “pass-through” business. Here’s what you should know to help you comply with the rules and potentially lower taxes.

The Tax Cuts and Jobs Act imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. Here’s what you need to know.

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This brief article defines the NII tax and urges you to explore strategies for reducing it if you must pay it.

You may have breathed a sigh of relief after filing your 2018 income tax return (or requesting an extension). But is your office strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records? Or perhaps your computer desktop is filled with a multitude of digital tax-related files? You’ll find it easier to file next year if you cut down on the clutter. To perform a summer cleanup, follow these retention guidelines.

Helping donors understand the requirements and benefits of their gifts to a not-for-profit will help the organization strengthen those relationships. This article discusses the varying deductibility of different types of gifts — including cash, property and vehicles — and when fair market value can be applied.

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA). This brief article reviews the revisions to the tax brackets so readers can avoid unpleasant surprises next April.

Summer break is here, and parents are lining up activities for their kids to enjoy while school is out. If you plan on sending your child to day camp, you may qualify for a valuable tax break – the child and dependent care credit.

The Tax Cuts and Jobs Act (TCJA) has brought many changes for business owners to consider, including whether to change the structure under which their business operates.

One of the surprising changes under the Tax Cuts and Jobs Act (TCJA) is the treatment of transportation fringe benefits paid or incurred after December 31, 2017.  These benefits are no longer deductible for for-profit businesses and may result in unrelated business taxable income (UBTI) for nonprofit organizations.

Several positive changes were made to the federal income tax depreciation rules because of the Tax Cuts and Job Acts (TCJA). The following information is provided to assist investors with their real estate accounting, to help them understand the resulting real estate tax breaks, and to keep them from any unforeseen pitfalls.