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cost segregation

If you own commercial real estate, you know that sometimes the tax liabilities can be intimidating. Property taxes alone can be substantial, so property owners often look for different ways to mitigate costs.

One such measure is called cost segregation. Cost segregation allows commercial property owners to classify some elements of their “real” property into personal property or land improvements, thus accruing certain tax benefits.

Equifax hack

The recent news of the massive data breach at the credit agency Equifax has taken the nation by storm. Unprecedented in its scope, the data breach has impacted an estimated 143 million U.S. citizens. Though not every Equifax customer has had their data stolen, a considerable amount have.

Here are some some steps to take right away in the wake of this unfortunate incident.

crowdfunding, taxes

The methods companies and individuals can use to raise funds has changed dramatically in the age of the Internet. Pioneered by films and startups, crowdfunding has become an attractive option to pitch an idea and have access to more potential “donors” than ever before. But what about the tax consequences? What portion, if any, of crowdfunding monies are considered income? If you’re crowdfunding, here’s what you need to know about the tax consequences.

Airbnb has been a tremendous win-win for many homeowners and travelers. The popular app makes it a breeze for people wanting to rent out space to make a little extra income, while at the same time giving a great deal to those looking for a cheap place to rent. However, unlike a hotel or other traditional property that is used primarily for renting, the rules for deductions are different. Here’s how it works.

Board of Equalization, BOE

The California Board of Equalization (BOE), a state government agency that collects taxes (over $60 billion a year) and hears taxpayer appeals, has long been a controversial body. Though it has been debated for years whether or not it was the best agency to collect taxes, recent developments have spurred legislators to drastically change it and replace it with two new agencies. Namely, the BOE has been reported to have misallocated over $47 million of tax revenue that was earmarked for local governments, among other offenses.

What does this mean for business taxpayers and the accountants that represent them? Read on.

IRA

 

Fairly frequently, an IRA holder may not live to see the benefits of the IRA they had put away. In some cases, those IRAs are transferred to their beneficiaries.

If you become the beneficiary of an IRA, here a few rules to remember so you can choose the option that might be best for you.