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Accounting & Finance Articles

Welcome to our Resources section, where you will find articles on accounting and finance for businesses and individuals, as well as resources to aid in business financial planning across a variety of industries we serve. Please contact us for personalized advice in accounting and finance. Maxwell Locke & Ritter is here to offer trusted guidance.

 

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A big tax bill or a large refund may mean you don’t have the correct amount of tax withheld from your paycheck. Here’s how to avoid this next year.

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.

In the context of mergers and acquisitions, potential investors get a level of assurance when the investment target is audited.  However, relying solely on the target’s audited financial statements when making an investment decision could be shortsighted.

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If you’re a business owner, do you have a plan in place that names who’ll follow you as head of your company? You may feel you’re too busy running the business today to waste time on long-term plans that seem so distant. But there may be more reasons than you think to make decisions, some of which will benefit you today.

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The days when you could claim deductions for run-of-the-mill casualty and theft losses of personal property are gone — at least temporarily. The Tax Cuts and Jobs Act (TCJA) generally suspends write-offs for such expenses for 2018 through 2025. However, you can still claim deductions for personal property losses caused by certain federally declared disasters, such as the COVID-19 pandemic. In addition, the Taxpayer Certainty and Disaster Tax Relief Act enhanced deductions available to eligible individuals — but only for a limited time.

If you’re feeling burned out from coping with extreme circumstances brought on by the COVID-19 pandemic, you’re not alone. Fortunately, the Financial Accounting Standards Board (FASB) and Congress are offering some compliance-related relief for certain entities.

Economic Impact Payments (EIPs) are being sent out to Americans to help stimulate the economy and mitigate the financial fallout from the COVID-19 pandemic. Perhaps you’ve received one or you’re still waiting for one to arrive in the mail. This article includes 10 quick facts about the EIPs.

The IRS recently issued guidance related to coronavirus-related distributions allowed under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Notice 2020-50 and Notice 2020-51 apply to qualified individuals, employers and eligible retirement plans. The guidance is lengthy and complex and includes an expansion of the definition of who is a qualified individual that can take a coronavirus-related distribution.

The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The new normal will create new opportunities. Small businesses that can respond to those opportunities will survive and thrive.

Here’s why operating as a tax-favored qualified small business corporation (QSBC) can be a smart move for eligible small businesses.

Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here’s a summary of important federal income tax rules for such losses.

Advice from Industry Experts

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