This applies to those operating a “trade or business”. Below is an excerpt from the instructions and some exceptions that apply to the reporting rules. The instructions are lengthy and we cannot reproduce in entirety in this post. For more details or if you have questions, please contact your tax advisor. The penalty for not… Read More »
Author Archives: W. Issac "Ike" Orwick, CPA, CFE
Blog posts by W. Issac "Ike" Orwick, CPA, CFE
Manufacturers: Is LIFO on its way out?
From The Hill‘s Finance & Economy Blog, On the Money: Top Republicans are slamming the administration’s proposal to roll back an accounting method often employed by manufacturers in its push to find new revenues for a deficit-reduction package. The administration has signaled in recent days that it wants to discuss eliminating the so-called “last in,… Read More »
Posted in Featured, Manufacturing Leave a comment
Collect deductions sooner with cost segregation
If you are a commercial property owner, you’re probably depreciating the building over 39 years. So every year, you get to deduct 1/39th of the property’s value (excluding the land) from your taxes. That’s a long time to wait to receive all the tax benefits. Did you know there may be a way to accelerate… Read More »
Posted in Construction, Tax Leave a comment
