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FAQs About Casualty Loss Deductions

Under current tax law, individual taxpayers are not permitted to deduct casualty losses from catastrophic events like Hurricane Ida, wildfires and floods…right? Wrong. Although recent legislation has tightened the rules, you may still claim deductions, within certain limits, for losses incurred in a federally designated disaster area. Following are the answers to some frequently [...]

By |2021-10-05T21:34:22+00:00October 5th, 2021|Individual Tax, News & Events, Press Releases|0 Comments

New Vehicle Depreciation Limits from the IRS

The IRS has announced the depreciation limits for vehicles placed in service in 2021. For instance, the maximum first-year deduction for a passenger car, including “bonus depreciation,” is $18,200 (up from $18,100 for cars placed in service in 2020). Deductions are then based on the percentage attributable to business use. Note: Comparable rules apply to [...]

Cost Segregation Study: Fast Tax Write-Offs for Building Parts

Generally, it takes a long time—39 years to be exact—to fully recover the cost of a business building through regular depreciation deductions. However, your business may benefit from faster write-offs if it conducts a “cost segregation study.” In effect, the study breaks out certain building components so the costs can be deducted over a shorter [...]

It’s time to implement the new lease standards

The Financial Accounting Standards (FASB) announced in January 2016 that new Accounting Standard Codification (ASC) 842 will fundamentally change the prior leasing standard implemented 40 years ago.  This new standard applies to any entity that enters into a contract that allows a second entity to take control of agreed upon property, plant or equipment. The [...]

Explore the Benefits of SERPs

A SERP may sound like a creature from a science fiction movie, but it is actually a popular retirement savings vehicle for the top brass. Typically, the SERP—an acronym for Supplemental Executive Retirement Plan—is used to complement a 401(k) or other qualified plan. It offers generous benefits to a chosen few and enables an employer [...]

Getting A Head Start On Business Deductions

If you are starting up a new business venture as the pandemic abates, or buying an existing business, you may have to answer this question: When is the operation officially opening for business? This may be significant from a tax perspective. Reason: While “ordinary and necessary” business expenses are generally deductible, start-up expenses must be [...]

USDA Announces Pandemic Assistance for Timber Harvesters and Haulers

The U.S. Department of Agriculture (USDA) is providing up to $200 million to provide relief to timber harvesting and timber hauling businesses that have experienced losses due to COVID-19 as part of USDA’s Pandemic Assistance for Producers initiative. Loggers and truckers can apply for assistance through USDA’s Farm Service Agency (FSA) July 22 through Oct. 15, [...]

By |2021-07-22T21:47:17+00:00July 22nd, 2021|News & Events, Press Releases, Timber|0 Comments

Two Senate Proposals That Could Drastically Affect Estate Planning

This spring, two Senate proposals were introduced that contain significant changes to federal estate, gift, generation-skipping transfer (GST) taxes, and, the concept of "stepped-up basis" for inherited and gifted wealth. It should be emphasized here that these are just proposals and it is unknown what, if any, of these acts will become law. The two [...]