By Kenneth H. Bridges, CPA, PFS December 2020
For most small to midsize companies, the centerpiece of the CARES Act (Covid-19 stimulus legislation) was the Paycheck Protection Program (PPP), whereby a business could apply for an SBA loan equal to …
By Kenneth H. Bridges, CPA, PFS December 2020
Late November through year end is the time for year-end tax planning. While every client’s situation is unique, here are some of the more common strategies we employ.
Acceleration or deferral of …
By Kenneth H. Bridges, CPA, PFS December 2020
Prior to enactment of the Tax Cuts and Jobs Act (TCJA) in late 2017, the IRC 1031 like-kind exchange rules applied not only to real estate, but also to tangible personal property …
By Kenneth H. Bridges, CPA, PFS June 2020
In mid-March, as efforts began to “flatten the curve” of the spread of COVID-19, businesses began to furlough employees by the millions, and the fear was that many small businesses would not …
By Kenneth H. Bridges, CPA, PFS June 2020
In March, as much of the U.S. (and global) economy began to shut down, Congress went to work passing massive stimulus legislation to try keep the economy going. Federal legislation enacted from …
By Kenneth H. Bridges, CPA, PFS March 2020
An S-corp shareholder’s ability to deduct for income tax purposes K-1 losses from the S-corp is limited to his or her “basis” in the S-corp. “Basis” for these purposes is the amount …
By Kenneth H. Bridges, CPA, PFS March 2020
The Tax Cuts and Jobs Act (TCJA) legislation enacted in late 2017 reduced tax rates and added new deductions like the qualified business income deduction. However, to help pay for those goodies, …
By Kenneth H. Bridges, CPA, PFS December 2019
The partnership form of doing business (which, for income tax purposes, includes most LLCs with more than one member) offers a combination of flow-through treatment and great flexibility.
Similar to a Subchapter …
By Kenneth H. Bridges, CPA, PFS December 2019
Prior to August 28, 2018, Georgia residents (and residents of other states with similar programs) could potentially avoid the $10,000 limitation on the deduction for state and local taxes imposed by the …
By Kenneth H. Bridges, CPA, PFS December 2019
Most states tax their residents on their worldwide income, while permitting them a credit for taxes paid to other states, so long as the effective rate paid to the other state does …