Using LLCs in Real Estate
Investing in real estate can be a complicated process. That is why many people turn to establishing limited liability companies, or LLCs, to account for all of the complex legal and tax implications of owning multiple properties. Before you advise someone on their options or choose one for yourself, here are some things you may […]
Physician Practices and Their Tax Issues
Historically, physician practices were set up as sole proprietorships or partnerships. As the business of medicine and the liability risks grew more complex, however, new entities were created. Medical practices now have a number of legal organization form options, including; Sole proprietorship. General partnership. Limited partnership. C corporation. S corporation. Limited liability company (LLC). Limited […]
Audits, Reviews and Compilations: A Summary
You will want to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements. Getting an accountant’s blessing is especially useful when you are applying for more credit from a bank. Financial statements are intended to […]
ACCOUNTING METHOD CHANGES: CASH METHOD OF ACCOUNTING AND EXPENSING OF INVENTORY
Among the many significant changes made by the Tax Cuts & Jobs Act of 2017 (TCJA) were several accounting method changes available for qualifying businesses. Two key changes include the expansion of the availability of the cash method of accounting for tax purposes and the immediate expensing of certain inventory costs. Cash Method of Accounting […]
SELECTING AN AUDIT FIRM FOR YOUR NONPROFIT ORGANIZATION
The requirement for a nonprofit organization to have an annual audit of their financial statements varies from state to state. The State of Michigan requires any charitable organization that solicits or receives, or intends to solicit or receive, contributions to register with the attorney general. The State requires the organization to have an audit of […]
TAKING ADVANTAGE OF THE RESEARCH CREDIT (PART 4)
In this part of our series on the credit for increasing research activities (research credit), we’ll take a look at how to claim the credit. (For previous articles in this series: Click here for Part 1, discussing what constitutes qualified research. Click here for Part 2, discussing the type of expenses which qualify for the […]
