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In the meantime, you can also read a few of our articles:

• Short-Term Vacation Rentals and Material Participation
  Real estate can offer significant tax benefits. This is largely due to depreciation deductions which allow taxpayers to deduct their cost of investment in the property. Given the tax benefits, Congress has put in place some nuanced rules that allow some real estate owners to get immediate benefits and that deny or defer benefits to…… Continue reading Short-Term Vacation Rentals and Material Participation
• Settling Debts in an Asset Purchase: Immediate Deduction or Capitalized Cost?
  You own two businesses. They work in similar spaces, but are distinct businesses. One of them has financial troubles and gets behind on its bills. You decide to have the other business acquire the assets of the failing business. You start thinking about taxes. You think ahead when you go to do the tax returns…… Continue reading Settling Debts in an Asset Purchase: Immediate Deduction or Capitalized Cost?
• When Does a Promissory Note Create Basis in Controlled Company Stock?
  Business owners have choices in how to fund their corporations. Should they contribute cash? Property? Perhaps a promissory note? There may be some benefit of using a promissory note. You get stock in your company without immediately parting with cash or other assets. The promissory note sits on the company’s books as a receivable, and…… Continue reading When Does a Promissory Note Create Basis in Controlled Company Stock?
• COVID-19 Extended Tax Deadlines Longer Than Many Realized
  Taxpayers have various tax filing deadlines throughout the year. Missing one can trigger penalties, interest charges, and collection actions. When there is a major disaster, the IRS typically grants short extensions to give affected taxpayers breathing room. During the COVID-19 pandemic, the IRS issued notices extending various tax deadlines by a few months. The agency…… Continue reading COVID-19 Extended Tax Deadlines Longer Than Many Realized
• Installment Agreements Can Extend the IRS Collection Deadline
  The IRS has ten years to collect unpaid taxes after assessment. But that deadline isn’t always final. Those with unpaid tax debts often seek payment plans to be able to pay their tax liabilities over time. When a taxpayer requests or enters into an IRS installment agreement, the clock on the collection statute stops running.…… Continue reading Installment Agreements Can Extend the IRS Collection Deadline
• Tax Planning for Net Operating Loss Carryback Elections
  Congress has used Section 172 for net operating losses to stimulate the U.S. economy. It has done this by allowing certain losses to be carried back, thereby generating cash refunds to the taxpayer. This puts cash into the hands of taxpayers who are suffering losses. One only has to look at the history of changes…… Continue reading Tax Planning for Net Operating Loss Carryback Elections