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tax

IRS Announces Federal Income Tax Filing Extension

March 18, 2021 The IRS formally announced federal income tax filings due date for individuals for 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. The deadline postponement ONLY applies to INDIVIDUAL Federal income tax returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021, …

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Protecting Your Financial Identity

By Mark Lapikas, CPA | Principal, Tax With a previous break of Equifax, an estimated 143 million Americans’ information was compromised. In 2015, Anthem was breached compromising personal data of roughly 80 million Americans. Criminals are constantly seeking new ways to obtain your data which begs the question, “How do I protect my personal information?” …

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AGP Tax Advisory: Cash Waterfall Planning

By Brandon Fredericks, CPA | AGP Advisory, Leader Pass-through entities possess many important tax advantages, which include the ability to avoid double taxation and the Qualified Business Income deduction. However, the tax code contains several added complexities and potential tax pitfalls for ill-planned pass-through transactions. One such scenario involves “cash waterfalls” where distributions deviate from the proportion of equity contributed …

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AGP Tax Advisory: Debt vs. Equity Financing

By Brandon Fredericks, CPA | AGP Advisory, Leader A prospective buyer faces many important decisions when contemplating purchasing or expanding a business. First and foremost, the target acquisition must provide adequate return potential within an acceptable level of risk. Once this has been determined, the buyer has likely already spent significant time finding the right acquisition and feels anxious to close the transaction. However, more can be done …

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COVID-19 Allows Tax-Favored Distributions from IRA

Thursday, May 14, 2020 By A’Shira Nelson, CPA | COVID-19 Response Team Individuals affected by the COVID-19 pandemic are now eligible to take tax-favored distributions from their IRA(s). Normally, distributions would be included in the taxpayer’s taxable income, and it may be subject to a 10% additional tax if the taxpayer is under age 59 …

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Top Takeaways from the Professional Car Wash Industry Report

By Alec Derrig | Associate, Tax The day-to-day management of running a car wash is time-consuming, and owners may need help in studying trends or benchmark reports from the industry. The 2019 Professional Carwashing Industry Report from Professional Carwashing and Detailing Magazine reported comprehensive industry data from car wash owners and managers across the country. …

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Top Five Tax Considerations for Car Wash Owners

By Jeff Brooks, CPA, CGMA | Principal | Car Wash Leader Ongoing staffing, market changes, traffic studies, equipment maintenance, technology upgrades, and customer relationships – these are just some of the many topics top-of-mind for car wash owners. Adding tax planning and preparation to the mix, including navigating the changes brought on by Tax Reform, …

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The Ultimate Year-End Tax Planning Checklist for Transportation

By John Valle, CPA | Principal, Transportation Leader | jvalle@applegrowth.com | Twitter: @valle_CPA Year-end is here, and while 2019 closes and another decade begins, it’s time for brokers, carriers, and owner operators to proactively plan for 2020. Year-end is more than just preparing financials for the upcoming tax period; it’s a key time for business …

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Year-End Balance Sheets for Bonding

By Chris Benko, CPA | Principal, Audit & Assurance | Leader, Construction and Real Estate Niche Wrapping up year-end financial statements is critical for all business owners, including construction contractors. Preparing year-end financials can help owners navigate bonding capacity for the following year. Reviewing Bonding Year-End Statements When it comes to providing year-end financial statements …

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