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The TG Blog

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

payroll tax penalty

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

November 8, 2019

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the…

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repairs vs. improvements

Did You Repair Your Business Property or Improve It?

November 7, 2019

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible…

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bar-code technology

How to Keep Track of Small Tools and Equipment

November 6, 2019

Whether it’s hard hats and drills on a jobsite, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these…

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new kiddie tax rules

Kiddie Tax: New Hazards, New Opportunities

November 4, 2019

Despite its name, the “kiddie tax” is far from child’s play. And a change made by the Tax Cuts and Jobs Act (TCJA) puts some adult teeth into the tax. Now, children with unearned income may find themselves in a tax bracket higher than that of their parents. At the same time, the TCJA creates…

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business loss rule

Excess Business Loss Rule May be Unfavorable to You

November 1, 2019

Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation and the potential ability to deduct losses from the business on their individual tax returns. But the Tax Cuts and Jobs Act (TCJA) has placed…

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QCDs

IRA Charitable Donations are an Alternative to Taxable Required Distributions

October 30, 2019

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision…

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profits interest award

Valuing Profits Interests in LLCs

October 25, 2019

The use of so-called “profits interest” awards as a tool to attract and retain skilled workers has increased, as more companies are being structured as limited liability companies (LLCs), rather than as corporations. But accounting complexity has caused some private companies to shy away from these arrangements. Fortunately, relief from the Financial Accounting Standards Board…

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wash sale rule

Selling Securities by Year End? Avoid the Wash Sale Rule

October 24, 2019

If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How the rule works Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the…

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cash flows

Reasons Why Cash is King

October 22, 2019

In financial reporting, investors and business owners tend to focus on four key metrics: 1) revenue, 2) net income, 3) total assets and 4) net worth. But, when it comes to gauging short-term financial performance and creditworthiness, the trump card is cash flows. If a business doesn’t have enough cash on hand to pay payroll,…

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best of accounting award winner

Thompson Greenspon Earns 2019 Best of Accounting ™ Award for Client Service Excellence

October 17, 2019

FAIRFAX, VIRGINIA – OCTOBER 17, 2019 – Thompson Greenspon, a leading accounting firm, announced today that they have won ClearlyRated’s Best of Accounting™ Award for providing superior service. Best of Accounting Award winners have proven themselves as industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of 2019…

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