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Exclusion for Gain on Sale of Primary Residence

In order to exclude the gain on the sale of your primary residence from your taxable income, you must pass two tests: ownership and use. Click for examples and to learn more about the requirements.

Shareholder loans – What you need to know to avoid reclassification to equity

Loans are an integral part of most businesses.  However, when loans are received from shareholders of the business, additional considerations must be made.  Failing to do so can result in reclassifications that can prove costly when filing annual tax returns. Learn more.

By |2023-06-29T21:27:04-04:00June 29th, 2023|Articles, Business Taxation|0 Comments

Gambling and Taxes

The United States is currently experiencing a gambling boom.  As gambling expands across the U.S. in the form of casinos, sports betting, fantasy sports leagues, lotteries and more, it’s important to understand the income tax implications of gambling winnings and losses. Find out more.

Is Your Non-Profit Ready for a Year-End Audit?

There are several things you can do to ensure your non-profit is audit ready. It’s important to have tight internal accounting controls, organized financial processes and timely month-end closing and review of your financial statements. Find out more.

By |2023-06-27T16:18:49-04:00June 27th, 2023|Articles, Not For Profit|0 Comments

New Leasing Standard: What do Nonprofits Need to Know?

As leasing standards transition from ASC 840 to ASC 842, the Financial Accounting Standards Board has outlined an implementation plan for the rollout. The new standard is now effective for all organizations with financial statement years beginning after December 15, 2021. Read more.

By |2023-06-29T11:34:45-04:00June 27th, 2023|Articles, Not For Profit|0 Comments
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