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The Installment Sale: Definition and Benefits

An installment sale can be a prudent tax strategy for someone who is selling property or an asset. In an installment sale, the seller receives at least one payment after the tax year in which the sale happened. Rather than receiving the total contract price for the...

Internal Controls in a Remote Environment

Business Health, Non-Profit

Occupational fraud continues to challenge nonprofit organizations. According to the 2020 Report to the Nations by the Association of Certified Fraud Examiners (ACFE), the median loss to the reported nonprofit organizations was $75,000 and the average loss was...

“Salt Workaround” Proves to be a Success

Business Financial Consulting, Tax

The IRS confirmed what many were hoping to be true regarding the States’ attempts at a “SALT Workaround”. The acronym for state and local tax or “SALT” became popular when The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. This legislation...

Year End Tax Planning Considerations Under A Biden Tax Plan

Business Health, Investing, Tax

As the close of year 2020 is rapidly approaching, I’d like to mention a few tax planning thoughts that should be considered before year-end, assuming that the Senate changes hands before the start of the President Elect’s administration. Keep in mind that in order for...

It’s Not Much, but Every Little Bit Helps

Personal Finance, Tax

The higher standard deduction enacted under the Tax Cut and Jobs Act and the economic impact of the Coronavirus are expected to have a significant impact on the ability of charitable organizations in our country to do their work, and in some cases survive. To provide...

IRS Technical Correction to Qualified Improvement Property

Business Financial Consulting, Tax

As we near the end of an unprecedented year, I wanted to touch upon one of the provisions the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted regarding qualified improvement property (QIP) and the “technical correction” (Revenue Procedure...

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The Installment Sale: Definition and Benefits

Internal Controls in a Remote Environment

“Salt Workaround” Proves to be a Success

Year End Tax Planning Considerations Under A Biden Tax Plan

It’s Not Much, but Every Little Bit Helps

IRS Technical Correction to Qualified Improvement Property

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