From the May, 2019

Tax FAQ Series: What is the impact of the new bonus depreciation rules under the Tax Cuts and Jobs Act?

Under the new Tax Cuts and Jobs Act (effective for the 2018 tax year) the bonus depreciation rules have been loosened. Among other things, the change allows for 100% bonus depreciation for assets placed […]

My bookkeeper is asking for the year-end adjusting journal entries ā€“ what are they and do I need them?

We recommend that the companyā€™s accounting records be maintained as the primary source of financial information and that you do NOT attempt to adjust these financial records to match the tax return information. Although […]

Tax FAQ Series: Iā€™m an S-Corp ā€“ Do I need to pay myself a wage?

A: YES! While there are a few exceptions, the short answer is a simple and resounding YES! When you make the S-Election, you get a number of tax benefits. But one important requirement to […]