Business Tax | Albin, Randall and Bennett

PPP Loans, Forgiven Expenses, & 2020 Deductions

As tax planners, we are familiar with the uncertain world of predicting future events and their related tax consequences. In working with businesses who obtained PPP loans, namely for those who have, or intend to have, some or all of these loans forgiven, however, the topic of 2020 deductions brings about uncertainty. With the current


2020 Tax Planning for Private Wealth, Closely Held Businesses, & Related Ventures

Tax planning for year-end 2020 will occur under very unique circumstances. COVID-19 has had an economic impact on all walks of life and industry sectors, including private wealth and family-owned and closely-held businesses. Coupled with the uncertainty of what might happen in the upcoming national elections, tax planning presents significant challenges at this time. There’s


Tax Planning for 2020, A Pandemic Year

This year is already turning out to be a unique one, in terms of its uncertainty associated with the COVID-19 pandemic. It seems like so many things in our lives have changed or are changing. Many businesses have been closed, and some are just now re-opening. The stock market has been extremely turbulent. Even the


Cost Segregation Studies: Taking Full Advantage of Accelerated Depreciation

When a building asset hits your books as a fixed asset, whether due to purchase, construction, or renovation, the straight-line depreciation method tells us to plop it in one of two bins, 39-year properties or 27.5-year properties, and await your taxable income deductions for each year of the recovery period. By redefining the recovery period