Tax laws and regulations change constantly and business owners and corporate CFOs do not always have the time to keep up with all the new tax legislation. The experienced tax CPAs at Frazier & Deeter provide sophisticated and timely tax advice to help you minimize taxes while adhering to regulations.
Many of our tax professionals worked with national CPA firms before joining Frazier & Deeter and they have extensive experience in corporate and individual tax issues. Our tax clients include public, private and nonprofit organizations of all sizes operating across industries. We have specialists in areas like nonprofit and tax implications of multi-national operations.
We assist business owners in determining how to structure their business, such as whether they should become an S corporation, a C corporation, or an LLC. Choosing the legal form for operating a business dramatically impacts after-tax cash flow available to owners, the deductibility of employer fringe benefits, personal liability and more. Some of the crucial items to consider when starting a business include the company’s overall method of accounting, its tax year-end, inventory valuation method and debt versus equity capitalization.
A close relationship is maintained with a company’s owner to ensure that overall business strategies complement their individual tax situation. Because we know that each client has different needs and goals, we meet with them periodically to discuss their individual and business related issues.
In December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not…
The IRS has completed its guidance on the implementation of the Opportunity Zones tax incentive. Opportunity Zones offer capital gains tax relief for investments in almost 9,000 economically distressed areas certified by the Treasury Department. The final rules provide clarity…
The IRS has provided relief from the requirement that partners’ shares of partnership capital be reported on the tax basis method for 2019. The IRS’s draft 2019 forms required tax basis reporting, which triggered numerous comments expressing concern about the…
Record keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a few…
A curious revenue raiser in the Tax Cuts and Jobs Act was a complicated new tax on the free parking or transit passes provided by a nonprofit organization to its employees. Essentially, the organization was subject to the unrelated business…
Congress has passed a bipartisan $426 billion bill that was rapidly signed by the President. The bill wraps several major tax initiatives into massive government funding legislation, H.R. 1865. Among the many changes are the return of some popular tax…
The H.R. 1865 government funding legislation contains numerous tax-related provisions designed to help taxpayers affected by natural disasters and to encourage charitable donations for disaster relief. These provisions are included in a division of the bill entitled the “Taxpayer Certainty…
The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional depreciation deduction, enacted by the Tax Cuts…
