Depreciation and Changes in Use of Real Property

Taxpayers that own rental property with gross receipts from residential or nonresidential uses should be familiar with the rules on accounting for depreciation. Let’s see some rules about buildings or structures qualifying as residential or nonresidential property, and application of the change-in-use regulations if a rental property changes from residential use to nonresidential use or vice versa.

June Client Bulletin

Our June newsletter goes over summer tax saving tips, how to use online reviews for your business, ways to save money at a wedding and much more.

Update: How to Ensure Your Real Estate Investment Qualifies for the 20% QBI Deduction

The IRS knows that there has been confusion as to whether or not rental real estate qualifies for the new 20% pass-through deduction on Qualified Business Income. The IRS issued guidance in the form of a safe harbor, which, if met, will ensure that your rental property qualifies for this valuable tax deduction. We break down the safe harbor to help you determine if your property qualifies…

How a Glaring Hole in Quickbooks Online Makes Life Difficult for Accrual-Basis Companies That Are Cash-Basis Taxpayers (And How to Work Around It)

Quickbooks Online does many things well, but the inability to indicate if a journal entry should affect both accrual and cash basis reports or if it should only affect accrual basis reports is a glaring hole that can make things difficult for small business owners (especially for businesses with deferred revenue), so we came up with a workaround…

January 2019 Client Bulletin

Our January bulletin looks at IRAs – Double (and triple) IRA season is here, reviewing your insurance coverage, and the IRS’s take on business meal deductions.