by ConvergeCPA | Mar 25, 2014 | Blog
As the tenant of a retail space, you may receive funds from your landlord to make improvements, or construct the space you lease for your business. Fortunately, such funds, which are commonly referred to as a construction allowance, often are exempt from taxes under a...
by ConvergeCPA | Feb 6, 2014 | Blog, Foreign Financial Assets
Those who have business or personal ties in a foreign country prior to 2013, including foreign bank accounts, securities accounts, other financial accounts, or even signature authority over such an account must file special paperwork, namely Form TD F 90-22.1, also...
by ConvergeCPA | Dec 17, 2013 | Blog
On Sept. 13, 2013, the IRS released final regulations regarding the question of whether an expenditure relating to tangible property is a deductible repair or capital expenditure (commonly known as the repair regulations). The final regulations will affect all...
by ConvergeCPA | Sep 9, 2013 | Blog, Real Estate, Real Estate Tax
Under the passive activities loss rules (PAL) – that is, activities in which you do not “materially participate”, tax losses from rental real estate activities cannot be deducted against non-passive activity income (such as salary, professional fees, income from a...
