Monthly Archives: September 2010

New tax breakthrough for LLCs

An important new Tax Court case could provide valuable tax savings for owners of limited liability corporations (LLCs) and partners in limited liability partnerships (LLPs). The decision permits a couple to use a loss from an LLC or LLP to offset highly taxed income. Previously, it was presumed that such losses could only be used [...]

Advice to Clients in Uncertain Markets

In the “flash crash” on May 6, 2010, the Dow Jones Industrial Average dropped nearly 1,000 points only to recover more than 600 points by the market close. On the heels of the financial crisis of 2008, this incident only exacerbated investors’ concerns. Some strategies to manage volatility risk that CPAs can recommend to clients [...]

Produce big manufacturing deductions

The so-called "manufacturing deduction" isn't just limited to companies that manufacture products in the traditional sense of the word. It's available to a wider range of business operations than you might think. What's more, the maximum deduction is increasing to 9% of qualified production activity income (QPAI) in 2010. If your company is in the [...]

Transportation, Tax Initiatives

On Sept. 6, President Obama announced that his Administration will seek new funding for highway, rail and airport projects in an effort to spur job growth and address the long-term needs of the transportation system. Obama said that he will ask Congress to approve $50 billion for transportation infrastructure as an initial step. The President [...]

Dealing With Clients in Financial Distress

Managing receivables is difficult in the best of times, and these challenges have been made even more difficult by the current economic environment. But there are several steps your CPA firm can take. Get a handle on billing issues at the outset. First, send out invoices in a timely manner. Invoices are more likely to [...]

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