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What is Cost Segregation? Cost segregation accelerates depreciation for assets involved in a real estate development or construction project. The IRS uses the modified accelerated cost recovery system (MACRS) to determine how taxpayers must depreciate assets. Most assets use the General Depreciation System (GDS), while some may be subject to the Alternative Depreciation System (ADS). […]

Documents to Keep That Support a Tax Return Every tax deduction, credit, income source and expense should have a corresponding document to prove it. Err on the side of keeping too much rather than too little. A few suggested documents to retain are listed below. 1. Documents Showing Postmark or Sent Dates The date that

Challenges to security and compliance with remote work Although many companies utilize a remote or hybrid work model, only a few have solid policies or processes in place that support secure remote work. Even some of the largest companies struggle to adhere to compliance standards while their employees work from home. Businesses of all sizes

Who Is Eligible for the ERC? Businesses, nonprofits and certain government entities — but not individuals — may be eligible for the ERC for specific calendar quarters in 2020 or 2021 if they experienced any of the following during that quarter: Due to a government order, they had to fully or partially suspend their operations.

What Are Financial Reviews? The term “financial review” can refer to several types of reviews. These are not official investigations, such as when the IRS audits a nonprofit organization. An independent financial professional like a certified public accountant (CPA) performs the review at the nonprofit’s request. They might be known as an “auditor” even if

The Goal Behind Phishing Emails Cybercriminals use phishing emails to lure unsuspecting victims into taking actions that will affect business operations, such as sending money, sharing passwords, downloading malware or revealing sensitive data. The primary intent behind a phishing attack is to steal your money, data, or both. Financial theft — The most common aim

What Are Incentives An “incentive” is not necessarily a formal legal or legislative program or benefit. Federal and state legislators establish tax credits and other benefits to provide incentives for business activities like providing health insurance to employees or using energy-efficient technologies. They typically do not, however, intend for these programs to benefit specific businesses.

What is Beneficial Ownership? The CTA defines a “beneficial owner” as an individual who either: • Exercises substantial control over the entity,” whether directly or indirectly; or • Holds at least one-fourth ownership of the entity. It does not, however, include the following individuals, even if they meet the above criteria: • Minor children; •

Understanding How Disasters Amplify Cyberthreats Let’s look at four major ways disasters amplify cyberthreats and what strategies you can utilize to bolster your cybersecurity posture in the face of adversity. Leveraging diverted attention and resources When a disaster strikes, the immediate focus shifts toward safety and recovery. Unfortunately, this diverts attention and resources away from

Improvements to the R&D Credit and Deductions Title I of the BIAA, entitled “Investment in America,” modifies the rules for deducting R&D expenses. This could allow more businesses to take advantage of the R&D credit. What is the R&D Credit? Section 41 of the IRC allows taxpayers to claim a credit equal to a portion