The TG Blog

Resources and articles to empower you and keep you up to date.

Why Contractors Should Consider Mediation

January 20, 2022

When a construction dispute arises, among the first thoughts that may come to mind is, “Oh no, is this going to wind up in court?” Sometimes that eventuality is unavoidable, but there’s often a much easier and even productive way to resolve the matter — mediation. Developing strategies In mediation, a neutral mediator facilitates a…

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Cryptocurrency & Taxes Part II: Taxation of Cryptocurrency

January 18, 2022

Welcome to Part II of our three-part cryptocurrency series!  With the fame, and not to mention value, of cryptocurrency exploding in the past few years, it has caught the attention of the U.S. Government.  The intention of this series is to guide you through the tax implications of transacting in cryptocurrency.  As mentioned in Part…

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How will revised tax limits affect your 2022 taxes?

January 18, 2022

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about…

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Construction Accounting: 5 Ways to Optimize Your Financial Reporting

January 18, 2022

In today’s challenging environment, a construction company’s relationships with its lenders and surety are more important than ever. One way to enhance these relationships is to optimize your financial reporting to ensure it provides the information that lenders and sureties need to feel comfortable extending credit and bonding to your business. Here are five ways…

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Tax Tips: January/February 2022

January 17, 2022

Watch out for tax scams As tax season ramps up, taxpayers should be on the lookout for common scams that tend to peak this time of year. The IRS annually publishes its Dirty Dozen list of the worst tax-related scams. Two examples from the 2021 list include: Unemployment fraud, in which scammers file fraudulent claims…

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Employer-Provided Child Care Credit Helps Businesses Help Their Workers

January 14, 2022

The COVID-19 pandemic has led to a significant increase in the number of employees working from home. Given the convenience of remote work, especially for parents of young children, employers of in-person workers are under increasing pressure to provide child care. Fortunately, the tax code provides an incentive, in the form of the Section 45F…

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Wealth Protection: How to Shield Assets From Creditors’ Claims

January 12, 2022

Generally, most people concentrate their asset-protection efforts on insulating their personal wealth from frivolous lawsuits or other claims. But if a significant portion of your wealth is invested in a business, it’s equally important to protect its assets from unreasonable or excessive creditor claims. Let’s take a look at several asset-protection strategies available for a…

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Did you receive an IRS Notice CP01A for an IP PIN? Please keep a copy for your CPA!

January 10, 2022

The IRS is currently mailing out Notice CP01A to taxpayers.  This is the notice that assigns a taxpayer an Identity Protection Personal Identification Number (IP PIN).  You would receive this letter if you were a victim of identity theft and you have previously filed Form 14039 – Identity Theft Affidavit with the IRS.  (You may…

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Cryptocurrency & Taxes Part I: Cryptocurrency Reporting Requirements

January 10, 2022

If someone asked you ten years ago if you had heard of cryptocurrency, what would your answer have been?  If asked about Bitcoin or a “soft fork,” would your mind have gone to an unfortunate penny that went through the garbage disposal?  How about a particularly flimsy piece of cutlery?  Or would you have been…

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Defer tax with a like-kind exchange

January 6, 2022

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind…

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