Articles
MWE written articles.

16 Sweet Cost-Cutting Measures for Businesses to Consider
Many business owners were looking forward to 2021 after a year of significant hardship and stress. But staying afloat remains a daunting challenge in 2021. Here are 16 ideas to help reduce costs without sacrificing quality this year.
Read MoreCOVID-19-Related Relief Is Signed Into Law
Updated: January 7, 2021 On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (“The Act”). This was the fourth stimulus package passed in 2020 and comes after months of protracted negotiations. The Act contains numerous tax and nontax provisions and includes several extensions of popular provisions of earlier COVID relief…
Read MoreShould You Buy or Lease Equipment?
If your business is in a position to acquire equipment or machinery, management faces a tough decision: Should you lease it, or should you buy it? There’s no universal “right” answer. Here are some factors to consider.
Read More2020 Year-End Tax Planning Ideas for Businesses
Business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for businesses to consider.
Read MoreBeware: Several CARES Act Tax Provisions Will Soon Expire
The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here’s a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them.
Read MoreSpotlight on Individual Tax Matters in the 2020 Election
Election season 2020 is almost over. As you continue to watch social media ads and listen to interviews and past debates, pay close attention to the candidates’ federal tax plans. Their stances could have a major impact on the amount of taxes you’ll owe in the future and how much you can transfer to loved…
Read More7 Expiring Tax Breaks for Individuals
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called “extender” provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain.
Read MoreSalvaging Tax Benefits from New NOL Rules
Due to the COVID-19 pandemic, many small and mid-sized businesses expect to have significant net operating losses (NOLs) in 2020. What makes this prospect more discouraging is that some companies are still recovering from NOLs suffered in recent years.
Read More5 Mid-Year Tax Planning Ideas for Small Business Owners
The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021?
Read MoreFASB Offers Reprieve from Updated Lease and Revenue Recognition Rules
If you’re feeling burned out from coping with extreme circumstances brought on by the COVID-19 pandemic, you’re not alone. Fortunately, the Financial Accounting Standards Board (FASB) and Congress are offering some compliance-related relief for certain entities.
Read MoreMidyear Tax Planning Ideas for Individuals
With the extended July 15 deadline for filing your 2019 federal income tax return behind us, it’s time to think about your current federal tax situation. Tax planning is especially complicated for 2020.
Read MoreHobby or Business? How to Treat COVID-19 Sideline Activities for Taxes
Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people and stay-at-home parents — or for those who been laid off or taken a pay cut, during the COVID-19 crisis.
Read MoreDemystifying Casualty Loss Deductions
The days when you could claim deductions for run-of-the-mill casualty and theft losses of personal property are gone — at least temporarily. The Tax Cuts and Jobs Act (TCJA) generally suspends write-offs for such expenses for 2018 through 2025. However, you can still claim deductions for personal property losses caused by certain federally declared disasters,…
Read MoreProposed Like-Kind Exchange Regulations Clarify What Property Qualifies for Tax Deferral Under Section 1031
On June 12, 2020, the IRS released proposed regulations that once finalized would clarify a few key factors for taxpayers participating in like-kind exchanges after the enactment of the Tax Cuts and Jobs Act (TCJA). Under Section 1031 of the Internal Revenue Code, taxpayers can defer gain recognition on sales of…
Read MoreLast-Minute Strategies for Businesses that Deferred Filing Tax Returns
During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have significant retroactive tax-planning flexibility. The same holds true for individuals who own interests in pass-through business entities and haven’t yet filed their personal tax returns.…
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