If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction.
Lesley L. Price, CPA
Recent Posts
The QBI Deduction Basics and a Year-End Tax Tip That Might Help You Qualify
Posted by Lesley L. Price, CPA on Dec 08, 2020
Posted in Business Tax
Choose Wisely When Naming the Right Personal Representative
Posted by Lesley L. Price, CPA on Nov 04, 2020
If you have a will instead of a trust, choosing the right person to serve as the personal representative should be made only after careful consideration. While many of us have clarity on who our beneficiaries are, we often do not take considerable concern into the pivotal role of a personal representative.
Posted in Estate Planning
Gifts in Kind: New Reporting Requirements for Nonprofits
Posted by Lesley L. Price, CPA on Oct 08, 2020
On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details.
Posted in Not For Profit
President Signs Protecting Nonprofits From Catastrophic Cash Flow Strain Act Into Law.
Posted by Lesley L. Price, CPA on Oct 05, 2020
August 3, 2020, President Trump signed the legislation to assist nonprofits and government entities into law.
Posted in Not For Profit
Business Website Costs: How to Handle Them for Tax Purposes
Posted by Lesley L. Price, CPA on Sep 22, 2020
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted.
Posted in Business Tax
File Cash Transaction Reports for Your Business — On Paper or Electronically
Posted by Lesley L. Price, CPA on Aug 05, 2020
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.
Posted in Business Tax
Even If No Money Changes Hands, Bartering Is a Taxable Transaction.
Posted by Lesley L. Price, CPA on Jul 28, 2020
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties.
Posted in Business Tax
Business Charitable Contribution Rules Have Changed Under the CARES Act
Posted by Lesley L. Price, CPA on May 12, 2020
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses.
Posted in Business Tax
The New COVID-19 Law Provides Businesses With More Relief
Posted by Lesley L. Price, CPA on Apr 16, 2020
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Posted in Business Tax
Now present on every continent except Antarctica, COVID-19 has infected more than 125,000 people and is responsible for more than 4,600 deaths. With the number of cases in the U.S. continuing to climb, individuals and companies alike are taking steps to prepare for a pandemic. From a shortage of masks and hand sanitizer to CDC-imposed travel restrictions and the cancellation of conferences and other large events across the globe, this public health emergency is rapidly evolving and all sectors are having to navigate its impact and uncertainty around what the future holds.
Posted in Not For Profit