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Vacation Home Rentals and Reporting Income under Tax Reform

Do you own a vacation home that's rented out but also used for a significant amount of time by you personally? Such properties are subject to tax rules that are different from those that apply to properties rented out with minimal personal use. Here's how to optimize...

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Myths and Truths About Business Valuation

The business valuation profession has grown rapidly since 1980. Over the decades, it has developed from a rudimentary process into a highly sophisticated mix of art and science to determine the value of a business or business interest. However, many business owners...

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Business Valuations Are Not Commodities

Privately-held business owners might need appraisals of their interests for many reasons, including: Strategic planning, Mergers, acquisitions and shareholder buy-ins (or buy-outs), Equitable distributions of marital estates, Minority shareholder disputes, Bankruptcy,...

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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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