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Business Deductions for Meals and Entertainment Expenses
Posted: June 30, 2021
The Tax Cuts and Jobs Act (TCJA) imposed new limitations on business deductions for meals and entertainment expenses that were incurred or paid after December 31, 2017, the effective date of the applicable Tax Cuts and Jobs Act (TCJA) provisions. The Consolidated Appropriations Act of 2021 (CAA) allows a 100% deduction for certain business meal expenses paid or incurred during calendar year 2021 or 2022. This table summarizes these changes and how business meal…
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Lessons from a Less-than-Ideal Cost Segregation Analysis
Posted: August 21, 2020
A cost segregation study categorizes the component parts of a commercial property for tax purposes, which allows the owner to optimize depreciation claims. A textbook cost seg analysis takes place not long after a property is acquired or a new building is completed, so the owner can begin taking full advantage of depreciation in the first years of ownership. In the storybook version, the owner has all the records neatly organized and completes the process…
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The Federal R&D Tax Credit is an Untapped Resource for Many Businesses
Posted: July 31, 2020
How much time and money does your business spend figuring out how to do something new or something better? We talk to businesses all the time who don’t know their activities could qualify for the federal research and development (R&D) tax credit. Meeting the requirements of the credit takes effort and planning, but a business that commits to a disciplined approach can achieve substantial tax savings, especially once it has a process in place for…
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Catching Up with Daniel Sohn
Posted: July 22, 2020
Whittaker & Company Senior Manager Daniel Sohn moved a lot when he was younger. Born in Korea, Daniel later moved with his family to Vancouver, Canada. Next they swapped coasts for New York City, then hopped back west to a variety of cities in Orange County. The constant change likely informed his aversion to stasis. In fact, Daniel says he thrives on the unknown, making him a perfect fit at Whittaker & Company. Daniel joined…
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To Understand Cost Segregation Studies, Start at the Beginning
Posted: July 17, 2020
Cost segregation—“cost seg” to a tax accountant—can be a potent strategy for owners of commercial real estate to take advantage of the faster depreciation schedules applicable to qualified components of their properties. The basic contours of today’s approach to cost segregation were established in 1997 by the United States Tax Court in its decision in The Hospital Corporation of America v. Commissioner, 109 T.C. 21 (HCA). The case illustrates how a simple distinction can lead…
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Tax Strategies In Turbulent Economic Times
Posted: June 12, 2020
Surprisingly few businesses take a proactive approach to tax planning. For many, the time for thinking about tax strategies is during the preparation of tax returns. By then, many of the most impactful tools for lowering tax liability and improving cash flow are no longer available. There is never a bad time to start being proactive about tax planning. During an economic downturn, the strategies available to a proactive business become even more valuable. The…
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Strategies for Controlling Accounts Payable
Posted: June 5, 2020
Summer is heating up, but an economic snowball is growing larger every day. Many businesses are seeing wild fluctuations in revenue and cash flow, which may translate into ballooning accounts payable (AP) ledgers. The cascading effect of interconnected businesses not paying their bills threatens to topple firms that aren’t following good practices for financial health. Especially during these times of tight cash, getting control of accounts payable is an essential part of improving overall financial…
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The Accounting and Tax Implications of PPP Loans
Posted: May 29, 2020
Many of our clients have taken advantage of the Small Business Administration’s Paycheck Protection Program (PPP). PPP loans are providing essential relief to businesses that might otherwise be forced to cut staff, or worse. With the cash in hand, now is the time to understand how the loan should be treated for accounting and tax purposes. PPP Loans under U.S. GAAP: Debt or Grant? U.S. Generally Accepted Accounting Principles (GAAP) do not currently have guidance…
Read MoreWHY WHITTAKER?
There’s a difference between an “owner mindset” and a “manager mindset”. Those with an owner mindset are those we not only have experience working with: it’s who we really like. We see the changing tax landscape, the critical financial issues, and more.