Melvin Capital lost nearly $3 Billion this week from pulling out of a position in GameStop (GME). How is it that the internet and casual day traders were able to force a renowned hedge fund to suffer such an enormous loss? It all starts with the concept of a short squeeze…… Not unheard of, but
Before You Sell Your Business Answer These 6 Questions
Interested in selling your business? The sale of a company you built from scratch is a major life change. It can either lay the foundation for your next endeavor or be the vehicle that transitions you to retirement to enjoy the fruits of their labor. Always check with a Certified Business Exit Planner to be
Business Insurance Medical Providers Should Not Be Without
Most medical providers know they must buy malpractice insurance. It’s a no-brainer like Workers Compensation for their employees. There is more that should be considered essential however – here is a list that medical providers should strongly consider for their practice (and peace of mind): Commercial General Liability Policies will cover the following risks: Property
12 New Year Financial Resolutions to Avoid the Fiscal Year Fizzle
A new year deserves a review of lessons learned and a set of new goals. Whether you are an individual or business client, take a few minutes to review this list of 12 suggestions from our tax and financial professionals, most are painless: 1. Make an inventory once a year as an individual and twice
Electric Vehicle Tax Credit Update For New Models
Over the holiday season, the IRS approved even more automobiles to be eligible for the Electric Vehicle tax credit. The autos are made by BMW, Honda, Jaguar, Mini, Range Rover and Subaru. The EV credit maxes out on some models at $7,500, but this is still very good news. The exact amount takes some figuring
Entity Structuring for Expanding Family Businesses
Owner-operator businesses usually start out as sole proprietorships, which is fine until your business starts to grow, and your family status changes. Life can throw your business a curve ball when you least expect it. Retirement, divorce, illness, even irreconcilable differences with a new partner or staff. Whatever life pitches, you should have a plan
Small Business Structuring for Tax Efficiency
Remember way back when as you started your business? Like most entrepreneurs, you probably chose to form a sole proprietorship because it’s less paperwork and less costly. But as your business grows you might benefit from the protections provided by a Limited Liability Company (LLC) or C-Corporation. But if you are currently a C-Corp, does
S Corporations and Partnerships Exempt From Limits on State and Local Tax Deduction
The IRS is shaking things up in S.A.L.T. The IRS intends to issue proposed regulations to permit a partnership or an S corporation to deduct specified income tax payments made to a domestic state or local jurisdiction. In Notice 2020-75, the IRS clarifies that state and local income taxes imposed on and paid by a
https://fuoco.cpa/cares-act-business-tax-moves-to-make-before-year-end/
Written by William Roof, JD, CPA, of Counsel The IRS emperor is not naked,** he still has both clothes and teeth. The IRS may have taken a national emergency break along with the rest of us, but is waking up. Regardless of your political leanings, we are all going to have to pay for COVID.
Fuoco Group Salutes Our Veterans
Tax opportunities provided below create many opportunities for our Veterans to save! Earned Income Tax Credit Many Veterans are eligible for various tax credits including the Earned Income Tax Credit, a refundable federal income tax credit for low- to moderate-income workers and their families. Roughly two million Veterans and military households receive the EITC, the
