Tax Warrior Chronicles

Reconstructing Business Records After a Disaster

Posted on Tue, Oct 17, 2017

By: Eric R. Elmore


The latter half of 2017 has been a trying time for many U.S. businesses. Disruption and damages from Hurricanes Harvey, Irma, Maria and Nate, and California wildfires have affected business owners who now wonder how to carry on in the aftermath.  Insurance, federal assistance agencies and the IRS require certain documents, which may have been lost or damaged, to make claims and place values on losses. In today’s post, we’ll share some tips on getting your business house back in order after a disaster.

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The Basics of Becoming a Business Partner

Posted on Thu, Mar 16, 2017

By: Irina Moyseyenko, CPA, MT and Kim Racer Robinson, EA


You’ve been offered an opportunity to invest in a partnership; or perhaps you’ve been  promoted to partner at your law, accounting or architectural firm.  After spreading the good news to everyone, you come to grips with the great unknowns. What does it mean to be a partner? How will my financial life change? Below, we review a few things to consider before signing on the dotted line.

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Governor’s Budget Includes Tax Impact for PA Businesses

Posted on Tue, Feb 28, 2017

By: Kejsi Merkuri & Chris Barbuto, CPA, MT


Earlier this month, Gov. Tom Wolf released his proposed 2017-2018 budget for the Commonwealth of Pennsylvania. Several taxes and other business-related items are addressed that could force business owners to dig deeper into their pockets. In this blog, we give an overview of four (4) specific items business owners should continue to watch during the legislative budget process.

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Do Attached Strings Affect the Value of a Gift (for Tax Purposes)?

Posted on Thu, Feb 23, 2017

The busy season has begun and The Tax Warriors® are in the thick of it. And since now is the time when tax tips matter most, we’ve called some friends to share their tax-related expertise. In this blog post, Hempstead & Company shares its insight on how a 2015 Tax Court case may help you determine the value of a gift.

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Here We Go Again…Will Congress Deal with Expired “Extender” Provisions?

Posted on Mon, Aug 03, 2015

The "Tax Increase Prevention Act of 2014" (TIPA), passed late last year, extended through the end of 2014, a host of then-expired "extender" provisions. But, as things currently stand, these provisions have again expired. Once again taxpayers are waiting before year end to see how Congress will address them (if at all). The Senate Finance Committee has passed a bill, now it's up to the full Senate and House to move the bill before the end of the year. This blog post provides a list of the individual and business extender provisions that are under consideration.

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“Up in Smoke:” Feds Say Marijuana Dispensary Can’t Deduct Business Costs

Posted on Mon, Jul 27, 2015

Few subjects in America evoke such a visceral reaction from people as the question of the legalization of marijuana. Tensions tend to relax a bit when the question is redirected for medical use only. In this case, 23 states and the District of Columbia have enacted laws to legalize medical marijuana. However, state rules and regulations around the growing and dispensing of the drug remain at odds with federal law, which bans the use of marijuana—medical or otherwise. This impedes the sale of the drug in many states.

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TV Drama "Bloodline" Teaches Family Business Dynamics

Posted on Fri, Jul 10, 2015

In a recent issue of The Practitioner, an online publication of the Family Firm Institute (FFI), Our chairman emeritus and FFI Fellow, Ronald H. Drucker, wrote a blog on the lessons family businesses can learn from the hit Netflix drama Bloodline.  

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Carryback and Carryforward Periods for NOLs – A Tax Lifeline for Business Owners

Posted on Mon, May 11, 2015

With the economy continuing to trend upward since the 2008 recession, many businesses have returned to profitability.  No business owner ever wants to operate at a loss, but sometimes the economy and other factors dictate otherwise.  However, a loss isn’t always a bad thing when you’ve been profitable in prior years or anticipate large profits in future periods.

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What Do "Groundhog Day" and Taxes Have in Common?

Posted on Mon, Feb 02, 2015

Just like Bill Murray’s character in the movie Groundhog Day, we wake up each year and experience the same thing over and over again.  But instead of watching Punxsutawney Phil attempt to predict the weather, we see Congress pass the same tax extenders year after year rather than making these provisions permanent.

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Selling or Expanding to Europe? Pay Attention to German Sales Tax Rules

Posted on Mon, Jan 12, 2015

As US companies seek to increase their business, it is only natural they look to Europe for additional customers. But, all markets in Europe are not the same.

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