Federal Tax Weekly - August 17, 2017

Posted by BKHM CPAs on Fri, Aug 18, 2017 @ 10:36 AM
Click Here to read the latest edition of the Federal Tax Weekly
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Topics: Federal Tax Weekly

Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?

Posted by BKHM CPAs on Tue, Aug 15, 2017 @ 01:04 PM
Taxpayers who engage in an unincorporated sideline — outside of their regular day jobs — must understand the differences in the tax treatment of hobbies and for-profit business activities. Here's an overview of the hobby loss rules, along with a recent U.S. Tax Court case that disallowed a taxpayer's claim that his loss from organizing film festivals should be classified as a for-profit business activity. Click Here to continue reading.
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Topics: Business Loss

CCH Federal Tax Weekly - August 10, 2017

Posted by BKHM CPAs on Thu, Aug 10, 2017 @ 11:07 AM
Click Here to read the latest edition of the Federal Tax Weekly 
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Phantom Income

Posted by BKHM CPAs on Wed, Aug 09, 2017 @ 09:44 AM

It comes as a surprise to some clients who are involved in a partnership or S-Corporation that they owe money on April 15th. The clients did not receive any cash from the partnership so they believe no tax is due. This is a common misconception as a lot of business owners believe they only get taxed on their distributions. Instead of educating the clients some accountants explain it away as phantom income.

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Topics: Phantom Income

Tax Saving Ideas for Uncertain Times

Posted by BKHM CPAs on Fri, Aug 04, 2017 @ 10:31 AM

With the possibility of significant tax reform legislation this year, tax planning is more complicated yet more important than ever.  To save the most, you need to be sure you're taking advantage of every tax break you're entitled to.

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The Collective

Posted by BKHM CPAs on Thu, Aug 03, 2017 @ 02:48 PM

Kylan McNemar and Sheridan Smith joined The Collective - A new initiative called to help cultivate the caused based leaders here in Orlando.  The Collective is a free program that will meet monthly to discuss topics that are important to those who actively work to make the world a better place in some way.

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Topics: The Collective

The Dreaded Policies and Procedures Manual

Posted by BKHM CPAs on Tue, Aug 01, 2017 @ 04:41 PM

The basics of an effective policies and procedures manual are straightforward.  The best manuals are clearly written and easy to understand, with a table of contents that’s easy to use for employees who wish to quickly refer to material on a certain topic.  While this is most times easier said than done, especially for a small non-profit organization, there are six policies that are especially important for reducing risk:

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Topics: Policicies and Procedures

Wedding Bells: Tax Issues to Consider Before Tying the Knot

Posted by BKHM CPAs on Mon, Jul 03, 2017 @ 12:49 PM
If you or a loved one plan to get married this summer, there are some important financial issues the happy couple should consider. Should you file jointly or separately in 2017? Will you be hit with the marriage penalty — or be lucky enough to qualify for the marriage bonus? Here's guidance to help answer these questions, along with a tax tip for newlywed property owners who need to combine their households. Click Here for the full article and for more information contact us!
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Topics: Marriage Issue and Taxes

CCH Federal Tax Weekly

Posted by BKHM CPAs on Tue, Jun 27, 2017 @ 11:07 AM

Get the latest federal tax news - CCH Federal Tax Weekly - Headlines

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Florida Sales and Use Tax Changes

Posted by BKHM CPAs on Fri, Jun 02, 2017 @ 09:06 AM
Legislation regarding a number of Florida sales and use tax provisions is enacted - Click Here to see the full article.
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Topics: Florida Sales and Use Tax