The kids have been out of school for almost a month now. You may have put them to work for the summer on the family farm or ranch. Sometimes kids work for free, work for cash, or maybe calf shares. Did you know you can pay them a wage and…
We all remember how used car prices plummeted in December 2022. Were you left wishing you had a way to deduct that loss now to help offset record profits? The IRS does allow for the lower of cost or market inventory valuation. This would generally apply to used vehicles. If…
Clients often ask how long they need to keep particular records. The answer is not as clear-cut as one may think. In general, the records should be kept for as long as they may be needed for federal and state tax returns, or for other possible legal reasons. Records supporting…
The IRS last week issued a taxpayer friendly revenue procedure (Rev. Proc. 2019-33). It will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017. This relief is being granted in response…
