Navigating the tax landscape when donating works of art to charity
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of […]
2021 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]
Hidden Value: Where to Seek Value-Add Opportunities in Today’s Self-Storage Market
School supplies have been purchased and fall is in the air, both clear signs that summer is coming to an end. I’m not nearly as confident, however, that the self-storage run up in valuation is over. In the last 20 years, I’ve never seen market fundamentals so strong, and the current market is unique for […]
Increased Multifamily Market Activity Expected in Second Half of Year
The multifamily market continues on a positive trajectory, with investors returning to meet the needs of a growing renter population. According to Berkadia’s 2021 Mid-Year Powerhouse Poll, conducted in July with insights from nearly 180 investment sales brokers and mortgage bankers, 78% of the Berkadia professionals reported that they are optimistic that the number of […]
A Way Out of the Insurance Rate Mess
What are you doing to cut insurance expenses? Raising your deductibles? Paring back coverage? Shopping carriers? Increasing rents? Chances are, you’re doing all the above. Multifamily property insurance rates are surging. “Some carriers are leaving the market entirely. If they stay, they cherry-pick best-in-class portfolios and raise rates,” says Garrett Maloney, vice president at TBM Multifamily, […]
Dealing with Production Floor Talent Shortages
The rising unemployment rate is often a key topic in the political discourse in Washington. In April 2020, it reached a modern day record of 14.80 percent. But for manufacturers in America, and many parts of the developed world, the crisis is in reverse – acute labor shortages. The generational “skills gap” in manufacturing is […]
Is your business tracking website metrics?
Many people still visit websites to gather knowledge, build trust and place orders. A variety of metrics can tell a business whether its website is attracting good attention and generating revenue. One is page views, which simply indicates that a visitor has loaded the HTML file that represents a given webpage. Another useful metric is unique visitors. It identifies everyone who comes to your website, counting each visitor only once regardless of how many times someone visits. Bounce rate is also critical. It indicates when a visitor quickly decides to leave your website without performing any meaningful action. Contact us for help managing your company’s technology costs.
The tax score of winning
Studies find that more people are gambling online and sports betting. And there are still more traditional ways to gamble. If you’re lucky enough to win, tax consequences go along with your good fortune. You must report 100% of your winnings as taxable income. If you itemize deductions, you can deduct losses but only up to the amount of winnings. You report winnings as income in the year you actually receive them. In the case of noncash prizes (such as a car), this would be the year the prize is received. With cash, if you take the winnings in annual installments, you only report each year’s installment as income for that year. These are just the basic rules. Questions? Contact us.
M&A transactions: Be careful when reporting to the IRS
Low interest rates and other factors have caused mergers and acquisitions to reach new highs in 2021. If you’re in the process of a transaction, it’s important that both parties report it to the IRS in the same way. Otherwise, you could be audited. If a sale involves business assets (as opposed to stock or ownership interests), the buyer and the seller must generally report the purchase price allocations that both use for specific assets. This is done on IRS Form 8594 attached to each of their federal income tax returns. Both parties use the same allocations. Consider requiring this in your asset purchase agreement. To achieve the best tax results, consult with us before finalizing a deal.
EIDL program retooled for still-struggling small businesses
For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible […]
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