2020 Federal Income Tax Filing and Federal Income Tax Payments Due Date
On March 21, 2020, Internal Revenue Service announced that the federal income tax filing due date is extended from April 15, 2020, to July 15, 2020. This [...]
Identifying Specified Service Trades or Businesses
Unless the de minimis exception applies, a business that involves the performance of services in one of the 12 fields listed below or whose principal asset is the reputation [...]
How does The Tax Cuts & Jobs Act (TCJA) affect Net Operating Loss (NOL)?
A net operating loss (NOL) is the result when a company's allowable deductions exceed its taxable income within a tax period. The IRS has recently passed the [...]
Foreign Earned Income Exclusion and How it Impacts Your Foreign Tax Credit
Employees with a tax home in a foreign country who meet either the bona fide residence test or physical presence test can choose to exclude from income [...]
Business Valuation & How We Can Help Our Clients Select the Right Valuation Methodology
A&C performs valuation of all levels of business interests, intellectual property, personal property, and complex securities. An independent appraiser considers the three approaches to determine the value [...]
What is Qualified Business Income Deduction?
What is Qualified Business Income Deduction (QBID)? Can you claim it? Before the Tax Cuts and Jobs Act law (pre 2018), there was no special deduction for [...]
Tax Treaties and How They Impact You
Tax treaties or the Double Taxation treaties (DTT), as the name suggests are entered into between the two countries to coordinate their tax system at the international [...]
Capital Leases Vs. Operating Leases
Leasing asset equipment or vehicles has become a common alternative to purchasing for business entities. Of the two types of leases - capital leases and operating leases [...]
What is Business Interruption / How to Calculate Business Interruption Loss & How We Can Help
A&C has extensive experience in a wide variety of Business Interruption (“BI”) loss calculations. All business is subject to interruptions: fires, hurricanes, tornadoes, power outages, theft, or [...]