Many rules can potentially apply to the sale of business property, but what are the tax consequences? For simplicity, let’s assume that the property you want to sell is depreciable property used in your business and you’ve held it for more than a year. (Different rules apply based on property held for sale to customers, [...]
October 17 Personal federal income tax returns for 2021 that received an automatic extension must be filed today and any tax interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Form 114 “Report of Foreign Bank and Financial Accounts” (also known as the “FBAR”) must be filed by today, if not [...]
If you’re planning to sell capital assets at a loss to offset gains you realized during the year, beware of the “wash sale” rule. Under this tax rule, selling stock or securities for a loss and buying back substantially identical stock shares or securities within 30 days before or after the sale date means the [...]
A check kiting scheme relies on “float” time, which is the period between when a check is deposited and when the bank collects the funds on the check. Some banks accept check deposits and release funds immediately, in the interest of good customer service. That’s similar to providing accountholders with interest-free loans. In recent years, [...]
Have You Explored QuickBooks' Insights and Snapshots Pages? QuickBooks is good at finding information quickly. The software’s Insights and Snapshots pages can provide fast, thorough overviews of your finances. There’s more than one way to get where you’re going in QuickBooks. The software was designed to make similar information available by taking multiple paths. This [...]
It’s difficult enough to divide a marital estate. But when a divorcing spouse owns a private business and attempts to artificially deflate its profits or hide assets, it may be time to engage a forensic accountant to investigate. WHAT TO ASK When working on divorce cases, fraud experts ask several questions about private business [...]