Tag: corporate taxation

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 […]

IRS Tax Debt

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, […]

Corporate tax

Corporate Tax & the Case for an Increase

In the world of tax, including corporate tax, change is a foundational concept. We see it constantly .  The Tax Cuts and Jobs Act of 2017 was no exception.  Deductions which were formerly available are suddenly unavailable.  Individual brackets which seemed perfectly stable are modified.  Loopholes, at least some of them, close as the Internal Revenue Service […]

Corporations

C Corporations or S Corporations?

As we’ve previously discussed in these blog post, entity selection is a very important matter, one which requires a careful analysis of all relevant facts and circumstances. Choosing an entity that isn’t ideal for a situation can have negative financial consequences, so it’s imperative that the best entity be chosen. In this blog post, our New York City tax […]

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