AFS Blog
Do You Have Unfiled Tax Returns?
Each year we are asked by clients to help them get caught up on unfiled tax returns. Sometimes this is due to an IRS letter or a previously unnoticed tax lien, a garnishment or just because they would feel better if the returns were filed. You might be surprised to...
Business Real Estate Debt Forgiveness
As more and more commercial restaurant and retail ventures fail, property owners will seek debt relief from lenders who may be unwilling to repossess and would rather renegotiate the loan. When a business loan is modified to reduce or eliminate the amount owed it...
Tax Dos and Dont’s For Gig Workers
According to the Gig Economy Index from PYMNTS.com, nearly a third of workers in the US participate in the gig economy in some way, from driving for a ride-share app to renting out part of their home temporarily to providing specialized consulting to ...... Most like...
GOVERNMENT CAUSES BIG PROBLEMS FOR LANDLORDS – PART 2
In our last blog, we discussed the problems landlords are incurring due to Covid restrictions on evicting tenants who don't pay their rent. In this article, we will discuss the how landlord's are impacted by these policies and relief available for them. Though some...
GOVERNMENT CAUSES BIG PROBLEMS FOR LANDLORDS – PART 1
Due to Covid concerns, landlords have 2 big potential problems: Tenants who can’t pay the rentTax losses they can’t deduct and/or bills that aren’t getting paid Let’s discuss the tenants who can’t pay rent first. Never before have we seen a nationwide moratorium on...
Waiver of Penalty for Withdrawals from Retirement Accounts??
The Senate relief package that is currently stalled in the Senate has as one of its features a proposal to waive the 10% penalty for early withdrawal of up to $100/000 from qualified retirement accounts for coronavirus-related purposes. Individuals who are eligible...
Tax Treatment of Virtual Currency Charitable Donations
The IRS is beginning to aggressively pursue taxpayers with virtual currency transactions. Some of you may have received a letter from the IRS with varying degrees of threats regarding tax returns filed that show no virtual currency (bitcoin type) transactions when...
Deduction For Mortgage Insurance Premiums Reinstated- RETROACTIVELY
You might recall that the deduction for mortgage insurance premiums died as of Dec 31, 2017. You weren't allowed to claim those premiums as part of your 2018 itemized deductions. Many people missed this because the doubling of the standard deduction (from $6000 to...
Converting Your Business to an S Corporation
There are a number of reasons to convert your business to an S Corporation but the most common is to reduce self-employment (SE) taxes. Any one operating their business as a sole proprietorship or an LLC taxed as a disregarded entity (fancy way of saying sole prop) or...
Add a Home Office to your business return to increase deductible mileage.
A home office can eliminate the 'commuting' portion of your trip, adding additional deductible business miles each day. Is it worth it? You bet. An additional 30 mile round trip can add up to over 4000 additional deductible business miles a year worth almost $900 on...
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