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An Accountant, A Banker and An Attorney…

An accountant, a banker and an attorney walk into a room.....yep, sounds like the beginning of a great joke, right?   Well, not so fast because it happened a few weeks ago when Pugh CPAs, Home Federal Bank and Egerton,McAfee, Armistead & Davis got together for their...

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“Aggregating” Businesses Can Boost Your QBI Deduction

Recently proposed IRS regulations provide aggregation rules that allow eligible individuals to "aggregate" their businesses in order to maximize the new qualified business income (QBI) deduction. Specifically, they may be able to combine income, W-2 wages and the...

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Succession Planning Requires Smart Strategies

Succession planning is important in any business, but it's sometimes overlooked in family-owned operations. This is a big mistake. There are numerous former family-run companies that no longer exist due to poor or no succession plan. The plan needs to be well thought...

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Tax Law Expands Accounting Method Options for Small Businesses

Thanks to changes included in the Tax Cuts and Jobs Act (TCJA), many more businesses can now use the simpler and more-flexible cash method of accounting for federal income tax purposes. The new law also includes some other tax accounting changes that are good news for...

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How Tax Reform Affects Tax Planning for C Corporations

One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service corporations (PSCs)....

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Save or Shred? Follow These Recordkeeping Guidelines

Are you a recordkeeping pack rat? Many individuals and businesses hold onto paper and digital records indefinitely — just in case. But securely storing years of financial records can become burdensome. Here's some guidance to help minimize recordkeeping overload....

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How 2018 Tax Reform Will Affect Individuals

The Tax Cuts and Jobs Act (TCJA) or Tax Reform 2018 makes sweeping changes to the tax rules for individuals.  Here's a quick reference guide for some of the major changes under the new law to help you understand what exactly is changing.   In general, these changes...

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