Supreme Court Rejects Review of Recent FBAR Ruling
Failure to file a complete and correct FBAR can result in severe fines, and even criminal charges. According to the IRS, “those who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for non-willful violations that are not due to reasonable cause. For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation.”
How Do the New Rules on Interest Expenses and Depreciation Impact Automotive Dealerships?
The Tax Cuts and Jobs Act, (The Act), has brought with it many changes that impact auto dealerships. Some of the most significant changes in The Act (aside from the qualified business income deduction), directly effecting automotive dealers, are the new rules which apply to interest expense and bonus depreciation.
A Budget Planning Guide for Condominium and Homeowners' Associations
As community association managers, board members and unit owners are aware, condominium and homeowners’ associations (HOAs) are required by Florida Statutes (FS) and, generally, by the association’s by-laws, to prepare annual budgets. The annual budget requires considerable effort and is, in essence, a financial plan for the upcoming year.
IRS Proposes New Regulation on Qualified Business Income
The Tax Cuts and Jobs Act, has brought with it many changes that impact business owners. One significant change created by the Act is the new 199A qualified business income (QBI) deduction. QBI includes domestic income from a trade or business and most real estate rental activities. However, employee wages, capital gain, interest dividend income, and guaranteed payments to partners are excluded.
MBAF was recently named one of Accounting Today’s 2018 Best Accounting Firms to Work for. This is the second consecutive year MBAF has received this accolade for its employee-driven environment. This recognition follows MBAF being selected as a 2018 Best Place to Work finalist by South Florida Business Journal for the second consecutive year.
Legendary singer Aretha Franklin left behind a legacy of amazing music beloved by millions. Unfortunately, however, what she failed to leave behind was a will. The Queen of Soul amassed millions of dollars in her decades spanning musical career, but ...
For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages. In brief, 529 plans are funded wi ...
While the 2017 Tax Cuts and Jobs Act (TCJA) has created a number of new benefits for real estate businesses, especially as it pertains to Section 179 limits and Bonus Depreciation, it also provided us with Section 461. This new section provides that ...