Monthly Archives: January 2020

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Should Your Business Deduct Unpaid Customer Invoices?

A common question that clients ask us is this: "May my business claim a deduction when a customer fails to pay us?"  The answer is, "It depends." Every business must adopt a "method of accounting" in its first tax year.  This is the method by which it reports its income and expenses on its [...]

Should Your Business Deduct Unpaid Customer Invoices?2020-01-31T22:53:17+00:00

QuickBooks: Desktop or Online Version?

QuickBooks is a great bookkeeping tool for small and mid-sized businesses.  If you have made the decision to use it, an important initial question you face is whether to adopt the desktop version or instead to use QuickBooks Online. In the past, this choice was relatively easy.  QuickBooks Online was crippled and not very [...]

QuickBooks: Desktop or Online Version?2020-01-23T13:43:49+00:00

IRS Finalizes Opportunity Zone Tax Rules

The IRS has recently issued final regulations regarding details about investment in qualified opportunity zones (QOZ). The regulations modified and finalized proposed regulations for QOZ businesses that IRS previously issued. The final regulations provide additional guidance for taxpayers who are eligible to make an election to temporarily defer the inclusion in gross income of [...]

IRS Finalizes Opportunity Zone Tax Rules2020-01-18T12:08:57+00:00

Tax Rules for Deducting Personal Casualty Losses

We have received several questions from South Carolina clients about whether they may claim a deduction for personal losses attributable to Hurricane Dorian in 2019.  The short answer is no.  For tax year 2019, personal casualty losses (for example: losses due to damage from a hurricane) are deductible only if attributable to a federally-declared [...]

Tax Rules for Deducting Personal Casualty Losses2020-01-18T12:31:42+00:00

IRS Issues 2020 Standard Mileage Rates

The optional standard mileage rates for business use of a vehicle will decrease slightly in 2020, the IRS announced (Notice 2020-05). For business use of a car, van, pickup truck, or panel truck, the rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after [...]

IRS Issues 2020 Standard Mileage Rates2020-01-10T14:06:37+00:00
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