A tax shelter enables you to reduce your taxable income and liabilities legally. There are numerous ways to take advantage of tax shelters for deductions and credits. Tax shelters include 401(k) plans, municipal bonds, investments, and other options for taxpayers to reduce liabilities and minimize their tax exposures. These tax shelters can either reduce taxes… Read More

Taxpayers are constantly striving to be able to make more money. A great way to do that is by investing in assets and growing your financial portfolio. By investing, further savings are acquired by being able to reduce one’s taxable income. This is achieved because the IRS allows deductions for interest paid on investments when… Read More

There are three main property classifications listed with the Internal Revenue Code that assist in explaining tax regulations when business property is sold. Section 1245, 1231, and 1250 property are all included to provide guidelines to aid in financial planning when contemplating business disposition. Each of these sections provides different tax implications and should be… Read More

Compensation clawbacks are a regulation initiated in 2002 due to significant financial scandals. These clawbacks have since been more aggressively implemented to assist in restoring faith in investors. Clawbacks have helped regain faith by enabling companies to retrieve (clawback) compensation that was paid to employees… Read More

To become more self-reliant in the gas and oil industry, Congress created tax incentives and deductions to attract investors. This industry has become more popular over the years due to the increase in profits from the new tax regulations. This increase in investors, in turn, has increased our oil and gas supply, so the United… Read More

IRS provides flexibility to elect an entity’s tax status. This is done in recognition of the fact that there are various business and operational differences from one entity to another and one size does not fit all. But there are boundaries within which tax status elections can be made and changed. The following listed entities… Read More

The question that is often asked is as to what type of structure should a business be set-up as one starts a new business or diversifies or experiences growth. Ones choices have legal and tax implications. Here are some of the company formation choices: Sole Proprietorship General Partnership Limited Partnership Limited Liability Partnership Limited Liability… Read More

Accounting For Construction- Type and Production-Type Contracts Residing in ASC 605-35 and As Superseded by ASC 606 ASC 605-35 provides guidance on Accounting Principle Generally Accepted in United States of America for the following types of customer performance contracts: Facility Construction Production of Goods, and Performance under Related Services The standard addresses when to recognize… Read More

Capital Gains on Sale of a Home Capital gains or losses are the difference between your basis in an asset and its price when you sell it. Nearly anything of value can be a capital asset – cars, jewelry, stocks and bonds, and real estate. In this article, we will be looking specifically at capital… Read More

Audits, Reviews, and Compilations Understanding what your business needs is imperative to verifying financial accuracy so owners and management can make informed decisions. This cognizance is what makes Kislay Shah CPA the best match for your business.  There are three different ways that financial information can be presented to owners and shareholders – each with… Read More