Harvesting Capital Losses and the Wash Sale Rules

Farmers are always on the lookout for new methods and approaches to increase their harvest.  In this segment of our Tax Update, we are going to introduce you to another type of harvesting that even you can employ –  the harvesting of capital losses! 

Cancellation of Debt Income

Sometimes businesses hit a rough patch and need a fresh start.  The business can seek to renegotiate its existing debt with creditors or seek bankruptcy protection.

Documenting Theft Losses

As a business owner, you are aware that despite taking precautionary measures to prevent a theft loss, the reality is that there is still a possibility that you may fall victim to predatory thieves.  To make matters worse, you may lose out on a deduction if you don’t have proper support to substantiate the theft loss.  In this segment of our Tax Update we will review the deduction for theft losses, and recommend approaches to document the existence of the loss for tax purposes. 

Breaking Down the White House Tax Cut Proposal

On Wednesday April 26, 2017, the White House unveiled a brief one-page summary of the Administration’s proposed tax cut plan, which, if approved, would be the biggest tax cut and largest tax reform in the history of the United States.  Top economic advisor, Gary Cohn, and Treasury Secretary, Steve Mnuchin, outlined the plan during a White House briefing. The following is a breakdown of their proposal.

For individuals, the plan is to:

Building Improvements Under the Path Act of 2015

The Path Act, passed by Congress in 2015, has paved the way for additional bonus depreciation benefits for certain building improvements.  If you lease a building and made improvements, this is something to pay attention to.  

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