Opportunity Zone: Defer or Eliminate Capital Gains
The Qualified Opportunity Zone Program has been around since 2017. It is a valuable tax planning strategy that is available to taxpayers even if they do not own a business. The program provides tax benefits to long term investors in communities called Qualified Opportunity Zones. These are geographic areas that need improvement or development, such […]
What is a Cost Segregation Study?
A cost segregation study is a strategic tax savings tool that allows companies and individuals who have purchased, constructed, expanded, or remodeled any kind of real estate for commercial or residential use to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. Typically, real estate is depreciated over a straight-line […]
FBAR vs 8938: Which One Should I File?
The FBAR and Form 8938 are used to report foreign financial assets to the U.S. government. Both the FBAR and Form 8938 trigger huge penalties for failure to file. While the function of the FBAR and Form 8938 is very similar, there are differences between the two form. One has a higher filing threshold than […]
IRS Form 8300: Cash Sales over $10,000 (Updated for 2024)
IRS Form 8300 is the form that businesses use to report the receipt of cash payments over $10,000. It applies to the purchase of both goods and services. Generally, businesses must file Form 8300 within 15 days after receiving cash payments over $10,000. We recommend that Form 8300 be filed online, rather than through the […]
Nonresident Alien vs Resident Alien
Nonresident aliens and resident aliens are required to comply with a variety of U.S. tax return rules. This applies to individuals coming to the U.S. on business, for education, for marriage or for other personal reasons. The rules are different for various visa types. In this article we will discuss what is a nonresident alien […]
Heavy Highway Vehicle Use Tax: Due August 31, 2023
The Heavy Highway Vehicle Use Tax is an annual federal excise tax on heavy highway trucks and other motor vehicles operating on public highways. Anyone who is required to register large trucks and buses with a taxable gross weight of 55,000 pounds or more must pay the tax. The required tax return is Form 2290, […]
A Guide to IRS Tax Penalties
The IRS imposes civil penalties in many situations. Penalties are meant to act as a stick to motivate the public to comply voluntarily with the tax laws. Tax penalties may be either civil or criminal. Civil penalties are financial Criminal penalties may involve jail time This article will focus what you need to know […]
Family Business Ideas
Family business owners Olivia and Carmen Amyette, Infinity Energy Advisors, and Gary Massey, owner of Massey and Company CPA were the guests on this episode of Family Business Radio. The subjects of the episode are family business ideas and entrepreneurship. Family Business Ideas – Podcast Olivia and Carmen, her mom, talked about Olivia’s accomplishments and […]
IRS Whistleblower Program: Getting Money from the IRS
The IRS whistleblower program provides the public with a unique opportunity to get money from the IRS, instead of paying money to the IRS as is usually the case. Under the whistleblower program, the IRS pays money to people who “blow the whistle” on individuals or businesses who provide information to the government regarding tax […]
Solar Tax Credits
The United States and much of the world is turning from fossil fuels to alternative forms of energy. According to an August, 2023 article in the New York Times, this shift is found even in areas dominated by the oil and gas industries. To a certain extent, this shift is encouraged in the United States […]