Recently from the Blog
5 Frequently Asked Questions about QuickBooks Backups
Imagine that the computer containing your company’s QuickBooks file has suddenly crashed. If you haven’t been diligent in backing up your data, you’re probably shocked and terrified. While it’s possible that much of the data from your QuickBooks file can be re-created (unlike your priceless family photos), you’d probably spend several hours doing it. Be [...]
Tax breaks for cancellation of debt income set to expire
Unless extended, home sale tax breaks expire on January 1, 2013 for homeowners who have their mortgage reduced through restructuring, bank-agreed short sales, or foreclosures. Typically, debt relief is considered income because the debt doesn’t have to be repaid. However, a special tax break was legislated into place during the real estate crisis. If you qualify, the tax break exempted up to $2 million [...]
Reasonable Compensation for S Corporation Owners
The old adage “pigs get fat and hogs get slaughtered” should be considered when setting owners’ salaries for S corporations. The IRS continues to challenge salary ranges that are not reasonable. On February 21, 2012, the Eighth Circuit (David E. Watson, P.C. no. 11-1589 8th Cir. 2/21/12) affirmed a decision made by the Iowa District Court regarding an S [...]
Get your tax return prepared by a CPA in Las Vegas
Due to the current economic conditions and the unique business industries that operate here, Las Vegas residents face many tax and accounting challenges. Certain financial events, such as starting a new business, often cause people in Las Vegas to seek out the help of a CPA to prepare their tax returns. Here are a few [...]
