Tag: corporate taxation

Businesses Tax

Avoiding Business Tax Debt

When it comes to money management, corporations are in many ways very similar to individuals. Businesses often struggle when it comes to managing their finances and paying their debts and other obligations. Corporations often take loans which later become difficult to pay back. Corporations are subject to the corporate tax rate, and very often they […]

Understanding Depreciation Deductions

One of the best ways to avoid falling into tax debt is to minimize one’s tax burden. At MCC, one of our principal areas of specialization is the resolution of back tax debt. Given that this is the case, tax minimization is something we’re quite familiar with. On our blog, we’ve discussed quite a few […]

Depreciation

Quirky Depreciation Methods

Depreciation (and amortization for intangible property) is a central concept in accounting. Sometimes, depreciation is straightforward and makes intuitive sense. Other times, however, you really have to wonder who in the world came up with the particulat methodology. In this blog post, we’re going to look at some of the more quirky depreciation methods and […]

Tax Debt Relief

Is IRS Tax Debt Relief Even Possible?

We’ve all seen the TV commercials: “If you owe Uncle Same more than $10,000, we can settle your debt for pennies on the dollar.” Me? I’m personally amazed at how those folks can make those statements when they know absolutely nothing about me or my finances. Zero, in fact. Sounds too good to be true. […]

AGI

AGI and Allowable Deductions

When we use the terms “above-the-line” and “below-the-line,” what does the “line” refer to? The answer is simple: the line is the demarcation between your adjusted gross income and taxable income. Your adjusted gross income (or AGI) is your gross income less any adjustments (or deductions) you claim. Your AGI is the figure you use […]

Enron accounting

The Role of Accounting in Enron’s Downfall

We’ve written about Enron a number of times on our blog. There are several reasons for this. For one, the fall of Enron was one of the most disastrous scandals in the history of corporate America. When the dust settled, thousands and thousands of employees had lost their jobs, pensions, and, in some cases, their […]

Basis Adjustment

How Basis Adjustment Works

Cost basis (or tax basis) is a foundational concept in taxation. The reason behind this is very simple. Basis affects a taxpayer’s gain and therefore affects a person’s overall tax burden. The main purpose of cost basis is fairly easy to understand. Cost basis is basically a reflection of a person’s investment in a given […]

Best Tax Attorney

Best Tax Attorney Traits

Just as there are certain cases more commonly encountered than others, certain traits are more valuable among tax attorneys than others. To be a successful tax attorney, a person needs a solid educational foundation, good mentors, and adequate practical training. But really successful tax attorneys need a few more things. Because of the stakes involved, […]

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