Schroedel, Scullin & Bestic, CPAs and Strategic Advisors (SSB) realized growth in 2017 as a result of the demand for tax, business valuation and specialty consulting services. This trend is expected to continue in 2018 with the passage of the latest tax reform and a healthy economy. The Tax Cuts and Jobs Act of 2017… Continue reading

The new tax reform law — commonly referred to as the “Tax Cuts and Jobs Act” (TCJA) — is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the changes will impact their tax situation. Fortunately, your tax advisors can help you figure things… Continue reading

Do your kids (or grandkids) have a smartphone? On average, American children receive their first smartphone at the age of 10, according to a recent study by market research firm Influence Central. Smartphone Use Is Up Market research firm Influence Central recently published its 2016 Digital Trends Study. These five findings show how kids are… Continue reading

As year end approaches, you may be thinking about making some charitable donations. Here’s a rundown of the potential tax breaks for your generosity. Donating Clothing and Household Items When it comes to your old clothes, furniture, linens, electronics, appliances, and the like, the general rule is that you can claim deductions only for items… Continue reading

The reporting requirements for claiming charitable contributions of cash on your tax return can be strict. If you don’t follow them, your deductions may be disallowed by the IRS. You should also be aware that stringent rules also apply to donations of non-cash property. Property Gift Examples Have you considered giving stock to a worthy organization?… Continue reading

The process of submitting and approving expense reports for business travel can be an administrative hassle if your business reimburses employees for actual travel expenses. Fortunately, the IRS offers simplified alternatives that can save time and reduce recordkeeping. Per Diems vs. “High-Low” Rates Instead of reimbursing employees for their actual expenses for lodging, meals and… Continue reading

Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don’t pay off and it’s often management issues — not market conditions — that get in the way. Other Considerations Before entering into negotiations, consult with your tax adviser about: Assets versus stock. There’s a… Continue reading

Legislation enacted in 2015 established a new IRS audit regime for partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. Here’s a comparison between the old and new partnership audit rules, along with a summary of recently proposed guidance to help partners prepare for the changes that are effective starting… Continue reading