Why you shouldn’t wait until ‘crisis mode’ to hire an accountant
Tell us if you’ve heard this one before. It’s February (or maybe even March), and you’re scrambling to get some poor, beleaguered accountant to get...
Now that the year is coming to an end, we would like to revisit the new repair regulations. The IRS has decided that we need to determine whether to capitalize a repair over a certain length of time, or expense it when occurred. They established a safe harbor limit of $500, meaning that any repairs under $500 will be expensed when occurred. For repairs over $500, we need to determine some information:
When making repair expenditures over $500, please consult us about the repair, and be prepared to answer the questions above so we can determine the appropriate treatment of the repair.
Tell us if you’ve heard this one before. It’s February (or maybe even March), and you’re scrambling to get some poor, beleaguered accountant to get...
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Illinois and Wisconsin, along with 28 other states are acting to pass laws or regulations to require sales tax collection by remote sellers now or in...
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ILLINOIS BUSINESS OWNERS A retirement savings program is mandatory as of November 2019. You have options, and we can help....