Category: Business Practices
Understanding the purpose of a cost segregation study
Property acquired or constructed by taxpayers can be depreciated over its useful life for tax purposes, based on specific IRS guidelines. Different types of property have different useful lives; for instance, commercial buildings are typically depreciated over 39.5 years, while...
Manager Karla Harrington is now a QuickBooks Certified ProAdvisor
ShindelRock Manager Karla Harrington was recently certified as a Quickbooks Certified ProAdvisor! A QB ProAdvisor is a QuickBooks accounting pro who can provide strategic insights to drive small business success. ShindelRock tax and accounting professionals use their expertise in both...
Understanding constructive receipt of income under cash basis
The accounting method you choose impacts when you deduct expenses and recognize income. Most individuals and small businesses use the cash basis method, where income is recognized when received and expenses are recorded when paid. This means income isn't taxable...
New IRS Code 101(j) changes requires life insurance Notice and Consent in Form 8925
IRS Code Section 101(j) requires employer owned life insurance contracts to have a signed Notice and Consent and annually file of Form 8925 in order to qualify for exceptions to the general rule under this code section. Lack of compliance...
The benefits of hiring veterans
It's a good business decision to hire veterans as studies have shown that veterans are more productive and have higher retention rates. The Institute for Veterans and Military Families (IVMF) published this titled brief which draws from academic literature to...