Certified Public Accountant specializing in personal, non-profit and forensic accounting and tax preparation
Passive foreign investment companies, or PFICs, are subject to some of the most complex provisions of the tax law. You may own one and not even know it. A passive foreign investment company is any foreign corporation for which: 75 percent or more of its gross income for the tax year is from passive income,…
Cost segregation breaks your real property into its components, some of which you can depreciate much faster than the typical 27.5 years for a residential rental or 39 years for nonresidential real estate. When you buy real property, you typically break it into two assets for depreciation purposes: land, which is non-depreciable; and building (residential…
Here’s a primer to help you avoid confusion about goodwill: As the seller, you have self-created goodwill when the total sales price of your business exceeds the fair market value of its assets, both tangible and intangible. You have acquired goodwill when you purchase the assets of another company for more than the value of…
You probably like your personal vehicle just as it is. But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions, immediately. And the Tax Cuts and Jobs Act gives you the tax reform road map on how to do this. Of course, to make this happen, you need to…
