wscpa, Author at Walter Shuffain

A white sign holder with a red "Vacation Rentals" sign hanging from it and palm trees in the background.

Tax facts to know about vacation rentals

Buying property and selling after it’s appreciated is a wealth-building strategy that has been around for centuries. It’s even better if that property can make you money, say through rental income. If you’ve been considering allowing short-term vacation rental contracts…

A notepad with "Child Tax Credit" written in black ink and highlighted, sitting on top of a pile of American currency.

IRS releases website to manage child tax credit deposits

Earlier this year, the American Rescue Plan (ARP) was announced, including some temporary updates to the child tax credits available for many parents. Under the ARP, eligible parents of dependent children can take a tax deduction of up to $3,600…

A man dressed in a black suit, white button up shirt, and a black tie sitting in a fancy restaurant with a bowl of bisque and a partially emptied glass of champagne.

Understanding business meal and entertainment deduction rules

The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related…

A black EXIT sign mounted on a white wall.

Creating Your Small Business Exit Strategy

Do you know what will happen to your business when you retire? By necessity, many busy small business owners spend all of their time thinking about the here and now, with little opportunity to focus on the future. But your…

A computer's motherboard holding various forms of cryptocurrency.

Tax implications for cryptocurrency owners

Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. ‘ Approximately 14 percent of Americans…

Someone holding a phone with superimposed images of a lit up web of information floating around the phone.

What is a custody? Learn what family offices need to know about custody arrangements.

Family offices need to understand the definition of a custody and the many arrangements that are possible. In this blog post, we will review the definition of custody, overview the different types, and how they affect your business. Definition of custody On December 30, 2009, the SEC released…

A hand held out palm up with electronic images of people floating above it.

Employee v. contractor: Which is right (and legal) for your business

Businesses are constantly evolving how they operate in order to meet the fast-paced changes coming from customers and the marketplace. Further, individuals are increasingly taking advantage of the income they can earn from the gig economy. These factors have more businesses…

A white disposable mask sitting on concrete with a roll of American $100 bills on top of it.

IRS provides guidance on tax credits for employers providing paid vaccine leave

The IRS and Treasury Department provided new information regarding the tax credits available through the American Rescue Plan (ARP). The ARP was created to help small businesses through the pandemic. This new guidance provides information on how eligible businesses can…

Someone searching on a laptop for residential properties.

Like-Kind exchange updates: Clarifying real property and escrow policies

If you are in possession of business or investment property or looking to exchange real property for others, you might want to get acquainted with “like-kind exchanges,” also known as a 1031 exchange. As with all tax codes, changes are…

A clipboard holding an application for PPP Loan Forgiveness.

PPP extension passes House and Senate

A measure to extend the Paycheck Protection Program (PPP) application deadline from March 31, 2021, to May 31, 2021, has passed the U.S. House of Representatives and the Senate. It now heads to President Biden’s desk for signature which he…

Author: wscpa (page 11)