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Wednesday, October 30, 2019

How to Reduce the Tax Hit on Soon-to-Be-Developed Land

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In many places, real estate prices are soaring. That’s good news for owners of undeveloped land in those areas. But if they decide to subdivide and develop highly appreciated property, it could trigger a whopping income tax bill. Fortunately, there’s a way to reduce the tax hit: Set up an S corporation to develop and sell […]

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Wednesday, October 30, 2019

Relaxed Rules for Joint Employers: Proceed with Caution

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Being classified as a “joint employer” means that you, and the other business considered to be in the joint relationship with you, are equally responsible for complying with the Fair Labor Standards Act (FLSA). If the other entity fails to comply with FLSA requirements, you could be left holding the bag.  Suppose, for example, you own […]

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Wednesday, October 30, 2019

Open Enrollment: Make the Most of Your Health Care Benefits Options

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It’s open enrollment season at many companies. If you’re lucky enough to work for a company that lets workers choose from a menu of health care plans, review your options carefully. Though it’s easy to stick with what you’refamiliar with, a lot is at stake, both financially and in terms of the quality of health care […]

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Monday, October 28, 2019

Partnerships Need to Disclose Significantly More Information to IRS than in Years Past Beginning with 2019 Filings

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On September 30, 2019, the Internal Revenue Service (IRS) posted copies on its website of draft 2019 Form 1065 U.S. Partnership Return of Income, draft 2019 Form 1065 (Schedule K-1) Partner’s Share of Income Deductions, Credits, etc., draft 2019 Form 8865 Return of U.S. Persons With Respect to Certain Foreign Partnerships, and draft 2019 Form […]

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Thursday, October 17, 2019

Recent Promotion

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Fust Charles Chambers LLP has promoted the following individual: Kristi Tarr has been promoted to Senior Data Analyst. Tarr joined the firm in November, 2017. She received her B.A. in Business Administration with Accounting Specialty from Saint Leo University in Tampa, Florida    

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Thursday, October 17, 2019

Year-End Tax Planning Moves for Small Businesses

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It’s hard to believe 2019 is almost over! It’s been a busy year in many sectors, often forcing small business owners to put tax planning on the back burner while they’ve tended to daily business operations. But procrastinate no longer. Consider the following moves to lower your 2019 business tax bill before ringing in the New […]

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Thursday, October 17, 2019

New Bankruptcy Relief Coming Soon

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Is your small business struggling to make ends meet? Some relief may be on the way for distressed business owners. The Small Business Reorganization Act of 2019 will make it faster and less expensive to benefit from a Chapter 11 bankruptcy. The legislation was signed into law in August, and it goes into effect on February […]

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Thursday, October 17, 2019

New Business Travel Per Diem Rates Announced for 2020

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Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates that vary from locality to locality. Here’s what you’ll need to know to determine if this […]

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Thursday, October 17, 2019

Reap Tax Rewards from Year-End Harvesting

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The stock market has experienced plenty of ups and downs this year. So some investors are poised to take big gains for 2019, while others are currently showing losses and many have both. What are the tax consequences if you sell securities? There’s no fast answer. But it helps if investors understand the basic rules and […]

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Thursday, October 17, 2019

New Overtime Pay Rules Finalized for 2020

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The U.S. Department of Labor (DOL) has issued the long-anticipated final version of its overtime eligibility rules. The changes will take effect on January 1, 2020. As a result, the DOL estimates that 1.3 million workers will be newly eligible for overtime pay. Are any of them on your payroll? Read on to find out. What’s […]

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