If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences. This article presents five simple steps that would-be lenders should consider before…
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the CARES Act. It retroactively allows real property owners to depreciate QIP faster than before,…
This article explains the requirements and advantages of an S corporation status and what needs to be done to avoid S corporation termination. The proper care and feeding of your S Corporation Diligence required to avoid inadvertent termination and loss…
The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the…
Scam artists seem to come out of the woodwork when there’s money involved — and taxes are no exception. Fortunately, by becoming familiar with common tax scams and understanding what the IRS will and won’t do, it’s easy to avoid…
To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that had gone into effect under the TCJA and the favorable…
On Sept. 30, 2020, the IRS issued final regulations that provide guidance for meal and entertainment deductions under section 274 of the Internal Revenue Code. The following is a general summary of the final regulations. For specific application, please contact…
If you are reading this, that means you’ve survived what will be one of the most interesting years in your life! This year has brought changes to the way we live each day. We want you to be aware of…
Haynie was a proud sponsor at the October 30th Great Pumpkin Shoot event. The Great Pumpkin Shoot is a key fundraiser for Meals on Wheels Montgomery County. This event is a highlight for community members and an essential way for…
Interest rates are currently at an all-time low, and it may be time for you to consider refinancing your existing home mortgage to take advantage of these lower rates. Doing so may substantially reduce your monthly mortgage payments. As you…
