Written by industry professionals on the latest trends and changes in the accounting landscape. Our CPE courses offer comprehensive instruction taught by the same instructors that author our blog posts.
Fred Barbara sold his trucking business for tens of millions of dollars. Mr. Barbara used the proceeds from the sale to start a money-lending business. The office of the lending business was in Chicago and was staffed by two full-time employees: an accountant and a secretary. During the years 2009 through 2012, Mr. Barbara split his time between Chicago and Florida, living in Florida 60% of the year.
RERI I, LLC paid $2.95 million in Mar. 2002 to acquire a remainder interest in a data center leased to AT&T and located in Hawthorne, California. On Aug. 27, 2003, RERI assigned the remainder interest to the University of Michigan. On its 2003 Form 1065, RERI claimed a charitable deduction of $33,019,000.
Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks. The credit begins to phase out for a manufacturer’s vehicles when at least 200,000 qualifying vehicles have been sold for use in the United States.
The final §199A regulations are 247 pages. There are many points of interest in these newly released regulations. Here is a brief summary of a few that were clarified or changed between the August proposed regulations and the final January regulations:
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Did you know 30% of mobile searches are related to a location?
If someone searches for “cpa firms near me” on Google, and you are not there in the top results, you just lost a potential customer.
New cryptocurrency investors and CPAs alike have questions about how digital currency tokens are created, traded, and taxed. Below, we’ll give an overview of how miners acquire derivatives of a cryptocurrency token, as well as a brief synopsis of what the IRS has said so far regarding the taxation of gains on the trading of digital currencies.
With the exponential rise in the value of Bitcoin over the last year, interest in cryptocurrencies is higher than ever. Investors, CPAs, and the IRS are all trying to figure out what it means and where we’re headed. The truth is, no one is entirely sure. But, what is certain is that cryptocurrencies aren’t going anywhere and will prove to be a disruptive technology in coming years.