Articles

Art collectors should use tax laws to protect there heirs

Experts debate whether the unexpected demise of the 'death tax' will breathe new life into the 1031 exchange market in 2010

Standardized accounting treatments have become a topic of hot debate. One area that will clearly influence how a company handles its real estate is the method in which lease accounting standards will be reported.

With the downturn in the real estate markets, the one topic that many will wrestle with at this time of year is their year-end tax strategy: What do we do with these distressed assets?

Although a business owner may not be planning to sell his or her company now, Rick Parent, vice president of Gumbiner Savett Inc., an accounting and business advisory firm, says owners should always operate the business as though they are.

The International Financial Reporting Standards (IFRS) is a set of accounting standards that is becoming the global standard for the preparation of public company financial statements.

One of the most important relationships that any business will establish is the one it forges with its accounting firm. Often, however, CPAs are underutilized. CPAs offer much more than tax preparation. They can provide expert advice in a number of areas, including estate planning, wealth transfer strategies, and mergers and acquisitions.

When selecting a qualified CPA, industry experience always plays a crucial aspect of the determination process. Never is this need more pronounced than in the construction industry, where there are a number of accounting nuances.

The American Jobs Creation Act, signed into law in 2004, includes a tax benefit for certain domestic production activities. Designed to aid small U.S. manufacturers that are engaged in domestic production, the tax deduction can benefit a wide swath of businesses ranging from software firms to construction companies.

One of the most important decisions a new business will make is selecting an appropriate tax entity. The form of tax entity that is chosen will have a major impact on future outlays to Uncle Sam.