Last Minute Ideas to Reduce Your 2017 Federal Tax

There’s a lot of buzz – and rightfully so – over the latest tax bill! We haven’t seen reform like this in three decades, and there will be a lot to cover. Like most things tax related, careful planning that meets your unique circumstances will be critical for 2018.  We

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Trump Proposes Major Tax Overhaul

Like anything that appears too simple, the “devil is in the details” on the proposed tax overhaul, and at this point, we have more questions than answers.  However, the Barnes Dennig tax team provides a summary of the framework as follows: Proposed changes within the Corporate Tax Framework Reduce the

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How Might Trump’s Tax Proposal Impact You?

America exercised their right to vote on Tuesday and late into the wee hours of Wednesday morning, a President-Elect was announced. Donald Trump will be sworn in as our President of the United States in January of 2017. Many times this campaign season, I heard the candidates harp more on

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Is the LIFO Method of Accounting for You?

The method for valuing inventory is a big decision for any manufacturer or wholesaler/distributor. The system you choose can have large effects on your financials and your taxes. To determine which method of inventory makes most sense for you, you must first understand the difference between the two types of

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Proposed Regulations Would Eliminate Valuation Discounts

In early August 2016, the IRS released proposed regulations regarding the valuation of interests in family-controlled entities. Specifically, the Proposed “2704” Regulations focus on the elimination of most discounts when ownership interests are transferred between family members. Aside from that, let’s not forget that it’s an election year! Leading Democrats,

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