Norman Grill

If you invest in rental real estate or are considering it, the IRS has provided guidance to those seeking to take advantage of the new Section 199A “pass-through” deduction.

There are several different ownership structures that can be used for family vacation homes, including a corporation, trust, tenants in common and limited liability company.

Under this new federal program, reinvesting in a qualified opportunity fund allows you to defer, and even reduce, the tax on your original gain and to avoid tax on future appreciation within the QOF.

You have a choice each year when you file your income tax return: take the standard deduction or itemize your deductions. That choice, however, is more complicated under the Tax Cuts and Jobs Act.

There are many potential benefits to electronic document storage. Perhaps the biggest is a reduction in the amount of paper that must be sorted, organized and stored manually.

The largest physical asset for many businesses is real estate, the buildings and land they sit on. Consider setting up separate ownership of the business and real estate to shield these assets from claims by creditors if the company ever files for bankruptcy.

If you do business in other states, you may have to begin collecting and remitting sales taxes to those states. The U.S. Supreme Court has ruled that states have the authority to collect sales taxes from out-of-state companies if a nexus exists.

If you do business in other states, you may have to begin collecting and remitting sales taxes to those states.

To fully understand the law's impact on your business, it's critical to evaluate the deductibility of certain benefits. 

Here’s a look at the financial statement’s three components: balance sheet, income statement and statement of cash flows.

The new tax break is one of the more complex provisions of the recently enacted Tax Cuts and Jobs Act, particularly for professional services firms.

Clearly, merging with or acquiring another firm can be one of the best ways to grow your company rapidly.

Do you dream of retiring early to pursue activities other than work, such as volunteering, traveling or spending more time on your hobbies?

More important, the law establishes a generous new deduction that will slash taxable income from pass-through entities. Beginning in 2018, the qualified business income (QBI) deduction generally allows taxpayers to deduct 20 percent of QBI (not salary) from a pass-through entity. Combined with the lower top tax rate on ordinary income, the deduction translates to a 29.6 percent top rate on pass-through income.

Failure to collect accounts receivable in a timely manner can lead to myriad financial problems for your company, including poor cash flow and the inability to pay your bills.