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
Monthly Archives: September 2017
Are You Ready for the New IRS Partnership Audit Rules?
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
Denise A. Harlan, CPA, Named to Salem Regional Medical Center Board of Directors
Denise A. Harlan, CPA, and Principal at Schroedel, Scullin & Bestic, LLC in Canfield has been named to the Board of Directors of Salem Regional Medical Center. She has over 26 years of public accounting experience with expertise in the areas of consulting, financial and tax services for a variety of industries, as well as employee… Continue reading
Inadequate Records Lead to Unfavorable Results for Taxpayers
Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations. But, if you claim deductions on your tax return, you also must maintain adequate records to support them. If your tax return is audited, missing or incomplete records could lead to additional taxes, interest and penalties, as these three… Continue reading
