INSIGHTS

We See Things Differently

When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.

Tax Center Jennifer Ferraro Randolph Tax Center Jennifer Ferraro Randolph

Selling your home?

High demand for homes has created a seller’s market. Those thinking about selling their homes will want to determine whether they qualify for the home sale gain exclusion. This article details the exclusion’s requirements.

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Tax Center Jennifer Ferraro Randolph Tax Center Jennifer Ferraro Randolph

Pump up tax savings with the fuel credit

Companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. Many businesses qualify for it and it’s relatively easy to calculate. This article explores the potential savings and how to go about claiming this often-overlooked tax break.

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Tax Center Jennifer Ferraro Randolph Tax Center Jennifer Ferraro Randolph

First-year bonus depreciation and Sec. 179 expensing: Watch out for the pitfalls

Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to the regular depreciation rules. This article reviews why it’s critical to look at the big picture and develop a strategy that aligns with a company’s overall tax planning objectives.

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Tax Center Jennifer Ferraro Randolph Tax Center Jennifer Ferraro Randolph

What a difference six months can make

Those who have money invested in the stock market are well aware of potential volatility. Needless to say, this volatility can affect a person’s net worth. Something many investors might not think about is the potential effect on estate tax liability. Specifically, if the value of stocks or other assets drops precipitously after a person’s death, estate tax could be owed on value that has disappeared. This article details how an executor can ease estate tax liability in this situation by electing to use an alternate valuation date.

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Tax Center Jennifer Ferraro Randolph Tax Center Jennifer Ferraro Randolph

Deferring a tax hit with a Sec. 1031 exchange

A Section 1031 exchange (also known as a like-kind exchange) allows commercial or investment real estate owners to avoid capital gains tax when selling the property by swapping qualifying properties. This article notes that recent legislation has cracked down on Sec. 1031 exchanges, but currently it’s still possible to use this technique for qualified real estate transactions. A sidebar explains multiple-party transactions.

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Why Tax Planning Is Important

Tax planning is an important task that too often gets overlooked. But by planning and keeping good records, you can save yourself a lot of time and money in the long run. In this article, we’ll explain what tax planning is, why it is so important for business, and some tips to get started.

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Insights Jennifer Ferraro Randolph Insights Jennifer Ferraro Randolph

How to Prepare for the Next Recession

Predictions for a recession have risen in the past few months. News of a recession often sparks fear among small business owners. However, those that prepare for a recession are more likely to survive. 

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Tax Center, News Jennifer Ferraro Randolph Tax Center, News Jennifer Ferraro Randolph

The Inflation Reduction Act Signed into Law: How It Affects Taxes for Businesses

On Sunday, Aug 7, 2022, the Senate passed a $750 billion health care, tax, and climate bill called the Inflation Reduction Act. The bill outlines changes that could have tax implications, specifically for businesses. The bill still has to clear the House of Representatives before it is set in motion. Here is a breakdown of the bill’s tax implications if it is passed and signed into law.

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Insights, Tax Center Jennifer Ferraro Randolph Insights, Tax Center Jennifer Ferraro Randolph

It’s Time to Rethink If the Employee Retention Credit Is Right For Your Organization

Congress recently updated and expanded the guidelines for a COVID-relief measure called the Employee Retention Credit (ERC). If you follow the old guidelines for the ERC, you could accidentally disqualify your organization. You could still qualify even if your organization took a PPP loan or didn’t see a decline in revenue.

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How to Ask a Board Member to Resign

When it comes to your organization, your board of directors is your backbone. Unfortunately, your board members also hold the power to let your organization crumble if they aren’t working as a unit. Here are a few tips to help ease tensions when asking a board member to resign.

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