IRS Provides Broad Penalty Relief For Some 2019 and 2020 Returns

  The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice [...]

By |August 29th, 2022|Categories: BCo Community News|Comments Off on IRS Provides Broad Penalty Relief For Some 2019 and 2020 Returns

Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes

  The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more [...]

By |August 2nd, 2022|Categories: Announcements, Business Tax, Individual Tax, IRS, Trusts and Estates|Comments Off on Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes

Three Ways to Deduct the Cost of Business Property

  Under current law, taxpayers have a variety of options for deducting some or all of the cost of property used in business rather than depreciating it over a period of years. Here's a quick [...]

By |July 8th, 2022|Categories: Business Operations, Business Tax|Comments Off on Three Ways to Deduct the Cost of Business Property

Owning Investment Real Estate through Single Member LLCs

  Over the years, Single Member LLCs (SMLLCs) have grown in popularity among investors and business owners because under the so-called check-the-box regulations, you can generally ignore the existence of a SMLLC for federal tax [...]

By |July 1st, 2022|Categories: BCo Community News, Business Operations, Business Tax|Comments Off on Owning Investment Real Estate through Single Member LLCs
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