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Important Meals & Entertainment Deduction Changes for McDonald's Franchisees

Posted by Gail Boyle and Katie Moyer on Thu, Dec 12, 2019

Tax reform changed the rules on business meals and entertainment.

Here’s a reminder of what McDonald’s Owner/Operators should know about the current tax laws regarding employee meals, business meals and entertainment expenses and how best to track them.

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Topics: McDonald's management

2019 Year End Estate Planning Considerations

Posted by Concannon Miller on Tue, Dec 10, 2019

Nearly everyone should consider updating his or her estate plan. This is smart advice even if you're not currently exposed to the federal estate tax.

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Topics: Estate and Trust Services

IRS: Delinquent Taxpayers Could Expect Unannounced Visit

Posted by Tony Deutsch on Thu, Dec 5, 2019

The IRS has announced its agents will be conducting unannounced in-person meetings with delinquent business and individual taxpayers.

The IRS routinely conducts these face-to-face visits, it said in an announcement last month. The primary purpose of these visits is to make contact with taxpayers with a previously known tax issue that wasn’t resolved through mail contact, the agency said.

These meetings are scheduled in areas with a limited number of available revenue officers due to declining IRS resources. The first face-to-face contact from a revenue officer is almost always unannounced.

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Topics: Business tax planning, Individual tax planning

2019 Charitable Contributions: The Tax Reform Deduction Rules to Know

Posted by Concannon Miller on Tue, Dec 3, 2019

Do you plan on making contributions to charity this year? If you're in a giving mood, you may be rewarded with sizeable charitable deductions on your tax return.

But the tax law is fraught with numerous twists and turns, so you must be careful to navigate the rules.

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Topics: Individual tax planning, Nonprofit Organizations

5 Tips to Improve Inventory Management for Manufacturers

Posted by Concannon Miller on Tue, Nov 26, 2019

Efficient inventory management can substantially improve your firm's performance by helping to maintain high customer service levels and reduce variable costs. But reinforcing inventory management isn't a one-time project. It's a constant concern for manufacturers.

Identifying Potential Weakspots

Naturally, different sorts of problems arise in different markets, whether its pharmaceuticals, packaged goods or some other industry. But there are common indicators. Here are several examples.

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Topics: Manufacturing

Selling Your Business? How to Increase Business Value (Video)

Posted by Andrea Brady and Andy Kahn on Thu, Nov 21, 2019

Most businesses that go to market don’t sell, largely because they’re not attractive enough.

How can you get top dollar for your business? We use the tested and trusted Value Builder System to help business owners discover steps to improve their business value. Improving your Value Builder Score may more than double your pre-tax sale price.

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Topics: Succession planning

How Construction Can Capitalize on Opportunity Zones

Posted by Maureen McGetrick on Tue, Nov 19, 2019

As 2019 approaches its final months, construction firms may start to see an uptick in interest for projects in opportunity zones.

Enacted as part of 2017 Tax Reform, the opportunity zone program began attracting significant investor interest after the IRS released clarifying guidance about the program’s rules in October 2018 and again in April 2019.

While additional IRS guidance is still expected, one thing is certain: 2019 is the prime time to invest in opportunity zones to receive the program’s full tax benefits. Consequently, eager investors have begun pouring capital into qualified opportunity funds (QOFs)—the investment vehicle to participate in the opportunity zone program.

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Topics: Construction & Real Estate Development

2019 Year-End Strategies to Reduce AGI

Posted by Concannon Miller on Thu, Nov 14, 2019

Reducing your current-year adjusted gross income is usually a tax-smart idea. Here are 10 ways to reduce your AGI (and modified AGI) over the short and long run.

Closeup on AGI

AGI equals all taxable income items minus selected deductions for such items as deductible IRA and retirement plan contributions and alimony payments required by pre-2019 divorce agreements.

Lowering your AGI reduces your taxable income for the year and your exposure to unfavorable AGI-based provisions. For example, lowering AGI can increase the amount of Social Security benefits that you can receive federal-income-tax-free and increase your allowable higher education tax credits.

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Topics: Individual tax planning

Top Tax Reform Business Opportunity: Switching to a C Corp

Posted by Jane Spradlin on Tue, Nov 12, 2019

Did you feel like your taxes were minimized last year? If not, it’s possible you may have missed out on some opportunities.

Federal tax reform through the Tax Cuts and Jobs Act provided some of the best tax benefits to businesses in more than 50 years. The corporate tax rate was slashed from the graduated maximum of 35% to a flat 21%.

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Topics: Business tax planning, 2017 Federal Tax Reform

New Lease Accounting Rules Delayed for Private Businesses

Posted by Denise Hozza on Thu, Nov 7, 2019

There’s some welcome news for businesses that use GAAP (Generally Accepted Accounting Principles) for their financial statements. There is now a year delay on implementing fairly cumbersome new lease accounting standards.

The Financial Accounting Standards Board (FASB) voted last month to delay ASC 842 Leases, a standard requiring the capitalization and debt of virtually all leases on the balance sheet. The new standard was supposed to take affect for private businesses and other non-public entities for fiscal years starting after Dec. 15, 2019. Now the new standard will take affect for fiscal years starting after Dec. 15, 2020.

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Topics: Business consulting

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