Section 1031 exchanges are not new. But the rules have changed over time.  A Section 1031 or like-kind exchange is an income tax concept. It applies when you swap two real estate properties with the same nature or character. Even if the quality or grade of these properties differs, they may still qualify for like-kind...Read More

Are you selling real property with plans of buying a new one of the same kind? If so, you may be able to defer capital gains tax through a like-kind exchange that you need to report in your Form 8824. What is a like-kind exchange? Taxpayers who exchange real property with the same nature or character...Read More

Are you a U.S. shareholder of a foreign corporation? If you have been diligently filing all your returns and disclosures, you may be familiar with Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. Form 5471 an information returned filed along with the income tax return of covered individuals. Generally, individuals...Read More

If you’re a business owner, you probably know about Form 941. But if it’s your first time to start a business, you may be confused with all the tax forms you need to deal with. So, here’s a primer on Form 941, the quarterly form you probably need to file when you hire employees.  What...Read More

The tax year is almost over! Aside from starting to put your books to order, it pays to learn some year-end tax prep tips that can reduce your tax bill. Staying up to date with your taxes is a must for every business owner. Although you have a few months ahead of the next tax...Read More