On August 19, 2016, IRS issued a Technical Advice Memorandum which ruled in favor of outpatient surgery income of a physician as a passive activity and as such its income could be offset against passive real estate losses. Generally passive activity losses (PAL) cannot be offset against active or earned income or portfolio. PAL is… 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

You wouldn’t trust your health in the hands of any doctor, so why would you trust any CPA to help maintain the well-being of your practice? Kislay Shah CPA has over 25 years of accounting expertise to analyze your healthcare practice’s situation, needs, and solutions to help you maximize the potential to care for your… Read More

What are business tax deductions? Business tax deductions are any ordinary and necessary expenses for your business operations in a given tax year. The expenses must be reasonable, necessary for conducting your business, and directly traceable to your business. Most of them are expenses that you have as a self-employed person or sole proprietor that… Read More