Despite the delays and uncertainty around exactly what tax changes final legislation will contain, there are actions that businesses can consider taking to minimize their tax liabilities, which are highlighted in this guide.
It’s time for year-end tax planning – individuals should review 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations.
As 2021 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2021, since COVID relief brought about a number of changes to the rules relating to traditional fringe benefits.
When assessing your tax situations for 2021 and subsequent years, consider whether you may benefit from traditional tax accounting method planning, which aims to defer income recognition and accelerate deductions, or “reverse” tax accounting method planning, which does the opposite.
A cost segregation study can be a great tax planning tool that, documented properly, accelerates depreciation expense and results in reduced tax liability.
The more mundane parts of business – like good record keeping – can get overlooked. But in the long run, it can save you in more ways than one.
A well thought out 2021 tax strategy is more critical than ever as tax professionals’ role as strategic partners has been enhanced in the business ecosystem through the pandemic and ever-evolving tax policy and legislation.
The BDO 2021 Tax Outlook Survey reveals what 150 senior tax executives consider the top tax issues for 2021.
Home office deduction for real estate investors – do you qualify, and are you hesitant to claim it due to fear of an IRS audit?
For most, a new year brings thoughts of resolutions and new beginnings. For CPAs, it means the start of another busy tax filing season. In this article reprinted from East End Living Magazine, DMLO President Chris Ward covers items of interest for both 2020 individual returns, and things to keep in mind for 2021.
As we start a new year, here are a few wealth planning reminders of ways to lower taxable income before filing your 2020 taxes.
Acting now on financial planning opportunities will help you build momentum into the start of 2021 in achieving your financial goals.