Does it make sense to rent out your vacation home for part of the year? How does it impact your tax deductions? The tax rules for renting vacation homes depends on how many days the home is rented and how many days you use it[...]
Key Accounting and 280E Implications for Medical Marijuana Businesses Recently, I wrote an article on accounting and 280E for medical marijuana businesses that was published in The Asset, the publication of the Missouri Society of CPAs. This is a summary of key areas to evaluate[...]
Interested in helping to conserve land for public use or preserve an historic structure from real property that you own? Consider a qualified conservation contribution, also known as a conservation easement. This is a federal tax benefit for taxpayers. Through this federal tax benefit, you[...]
Gain better employee retention while lowering your tax bill with the Pension Plan Tax Credit Attention small businesses: you may be able to claim a tax credit for some costs of starting a SEP, SIMPLE IRA or qualified retirement plan. A tax credit reduces the[...]
Easy to Implement Tips to Set Up a Cashless ATM for Your Cannabis Business In the growing cannabis market, cash is key. Like it or not, federal laws push many marijuana-related businesses into mainly cash transactions. But dealing with cash can bring about its own[...]
Overview On Oct. 2, 2020, the Small Business Administration (SBA) issued Procedural Notice 5000-20057, which outlines the required notification and consent procedures for changes in ownership of borrowers of Paycheck Protection Program (PPP) loans. This SBA guidance provides further clarification on when SBA consent is[...]
This year, the IRS will audit hundreds of thousands of tax returns. One in 100 businesses will be audited. The easiest way to survive a tax audit is to be prepared in advance. Audit Timeline The purpose of a tax audit is to verify items[...]
Tax Benefit Question: Do medical marijuana facilities qualify for the manufacturer’s sales and use tax exemptions? This important tax benefit can realize a one-time or even annualized savings of more than six figures for manufacturing companies. Highlights A gray area of an important Missouri tax[...]
The Internal Revenue Service (IRS) recently released updated guidance on tax policy for the marijuana industry. As tax and accounting experts, we wanted to give you the highlights. Since marijuana remains federally illegal, there’s been some confusion around the tax obligations of the cannabis industry.[...]
Charitable Deductions This Year, Advisory for Future Years Perhaps you are interested in giving a substantial donation to charity this year. However, you would like to advise the charity in future years as to the possible use of the donated funds… while still preserving your[...]