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Farmers are always on the lookout for new methods and approaches to increase their harvest.  In this segment of our Tax Update, we are going to introduce you to another type of harvesting that even you can employ –  the harvesting of capital losses! 

Sometimes businesses hit a rough patch and need a fresh start.  The business can seek to renegotiate its existing debt with creditors or seek bankruptcy protection.

As a business owner, you are aware that despite taking precautionary measures to prevent a theft loss, the reality is that there is still a possibility that you may fall victim to predatory thieves.  To make matters worse, you may lose out on a deduction if you don’t have proper support to substantiate the theft loss.  In this segment of our Tax Update we will review the deduction for theft losses, and recommend approaches to document the existence of the loss for tax purposes. 

On Wednesday April 26, 2017, the White House unveiled a brief one-page summary of the Administration’s proposed tax cut plan, which, if approved, would be the biggest tax cut and largest tax reform in the history of the United States.  Top economic advisor, Gary Cohn, and Treasury Secretary, Steve Mnuchin, outlined the plan during a White House briefing. The following is a breakdown of their proposal.

For individuals, the plan is to:

The Path Act, passed by Congress in 2015, has paved the way for additional bonus depreciation benefits for certain building improvements.  If you lease a building and made improvements, this is something to pay attention to.  

Most individuals donate to the same charitable organizations each year (church, national organizations, colleges, Goodwill, etc.), and generally, the same type of donation is given to each of these organizations as well.  Cash is the most common means of donating, but many donate clothing and household goods to Goodwill and other similar organizations.  However, there is another donatable asset that you may not have considered: Securities with an appreciated value held outside of a retirement

As a business owner, you know the importance of maintaining and strengthening your relationships with key customers, vendors and community contacts.  One proven way of enhancing business relationships is the giving of business gifts.  What are the tax rules for deducting business gifts?  How does the tax law distinguish between business gifts and promotion, and are the tax consequences between the two different? 

Over the last few years, there has been a seemingly non-stop epidemic of tax identity theft cases.  As tax preparers, we continue to see this problem escalating, especially in today's technologically savvy society.  Even if you have not been personally victimized, you may have heard about "tax identity theft".  In this issue of our Tax Update we are going to briefly explain what “Tax Identity Theft” is and strategies you can employ to reduce the odds that it happens to you.

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