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As if the process of getting married (or divorced) isn’t difficult enough, couples also need to take income tax considerations into account before tying (or untying) the knot. That’s particularly true for those who plan a change in marital status…

There have been several twists and turns this year relating to the “once-a-year rule” for IRA rollovers. In the latest move, the IRS has provided additional guidance in the wake of a controversial U.S. Tax Court decision applying the rule…

Part V: Increase Profitability through Flexibility, Agility and Adaptability How far into the future can you see, at least with respect to your company? 18 months? 1 year? 6 months? 3 months? While traditional strategic planning prescribes envisioning a target…

Interest rates in general have fallen sharply by 25-35 basis points in recent days. This reduction in interest rates offers owners of both “owner occupied” and “investment” properties the opportunity to lock in a favorable rate on either a new…

Mortgage lenders have recently become more aggressive in seeking out residential mortgage loans. At the same time, interest rates in general, including those on residential mortgages, have fallen sharply. The willingness to make mortgage loans combined with these lower interest…

In its attempts to narrow the “tax gap” between what taxpayers report and what they legitimately owe, the IRS is cracking down on taxpayers who fail to report taxable income. For one married couple, the IRS claimed the value of…

After years of work, the IRS has finally issued regulations clarifying for the business community when costs related to fixed assets must be capitalized and when they can be expensed. To expense or capitalize? What’s the difference? Generally, the cost…

Reimbursing and substantiating business travel expenses can be a cumbersome, time-consuming process. Here’s how it traditionally works. Employees collect receipts as they travel and maintain records that note the time, place and business purpose of each expenditure. Then, they submit…

Retailers often find accounting for merchandise inventory challenging and time-consuming, especially when they carry many different types of products. The retail inventory method simplifies the process by allowing taxpayers to approximate ending inventory without necessarily taking a physical inventory count….

The purchase of industrial machinery and equipment may benefit from a sales and use tax exemption. To qualify, the machinery and equipment must be used at a fixed location in Florida by an eligible manufacturer that will “manufacture, process, compound,…