Tag: corporate taxation

Cash Business Tax Advice

Cash Business Tax Advice

We’ve previously looked at tax zapper software. One observation we can make is that cash-based businesses certainly have special needs. Cash-based businesses, such as restaurants, convenience stores and cannabis dispensaries typically need special protections to ensure proper tax compliance. This is because these businesses often have difficulties keeping track of their sales. What’s more, these […]

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 […]


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 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 […]

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