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2017 Year-End Tax Planning Guide

On November 16th, the House of Representatives passed its tax reform bill, followed by the passing on the Senate version of the tax bill.  The Senate’s plan differs from the House bill on several key issues. Now, both chambers will then have to hammer out a compromise. President Trump would like to sign by year-end. Almost all of the…

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Year-End Tax Planning for Individuals

Below, the tax accounting professionals at bgr CPAs provide year-end tax planning tips for individuals. To speak with a qualified tax CPA regarding your year-end accounting, contact bgr CPAs! Individuals who are not active participants in an employer pension plan may make deductible contributions to an IRA. The annual deductible contribution limit for an IRA…

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Year-End Tax Planning for Businesses

Below, the tax accounting professionals at bgr CPAs provide year-end tax planning tips for businesses. To speak with a qualified tax CPA regarding your year-end accounting, contact bgr CPAs!  Deferring income to the next taxable year is a time-honored year-end planning tool. Expectations are that the new tax bill will significantly lower corporate tax rates.…

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An Overview of Passive Vs. Non-Passive Income in Real Estate

The tax and accounting professionals at Berman Goldman & Ribakow explain the tax implications on passive vs non-passive real estate income. Overview Generally, a passive activity is any rental activity or any business in which the taxpayer does not materially participate. Rental activities include real property rentals, personal property rentals, and rentals of intangibles (if…

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2017 Bonus Depreciation Update

The tax and accounting experts at bgr CPAs explain the importance of bonus depreciation for commercial and residential real estate owners. Depreciation allows businesses to divide the cost of property into installments. Typically, businesses choose a method of depreciation that divides the cost evenly over the asset life. However, bonus depreciation methods may offer additional…

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David Houston Featured in The Business Monthly

David Houston, CPA, MST explains why a like-kind exchange may prove to be beneficial when used for business or investing purposes in the October edition of  The Business Monthly. To view the article, please click here. For additional information regarding like-kind exchanges as it relates to the deferment of taxes or to consult with a skilled…

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1031: An Overview of Like-Kind Exchanges 

The tax and accounting professionals at Berman Goldman & Ribakow (bgr CPAs) explain why a like-kind exchange may prove to be beneficial when used for business or investing purposes.  What is a “like-kind exchange”? Prior to 1984, 1031 exchanges had to be exact — if, for example, you were selling a single-family home, you must…

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The Benefits of Expense Management: Auto Dealership Guide to Spending Efficiency

Given the cumbersome nature of expense categories in the automobile industry, dealerships must continuously work to maintain internal control in order to efficiently manage these expenses. Here, the experienced accounting professionals at bgr CPAs discuss the process and benefits of managing expenses in an automobile dealership. The Challenge As profit margins tighten, project volumes decline…

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Hammerjacks Selects bgr CPAs As Accounting Firm

Baltimore, Md. (April 7, 2017) – Hammerjacks Entertainment Group announced today that they have selected Berman Goldman & Ribakow LLP (bgr CPAs) as their accounting, tax and consulting service provider. Hammerjacks Entertainment Group is bringing the legendary music venue back to Baltimore under the vision of business partners Kevin Butler and Andy Hotchkiss.  bgr CPAs…

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4 Things That All Restaurants Should Consider: Part Four

The hospitality industry leader at bgr CPAs explains the four practices that all restaurant managers should consider implementing to help combat financial challenges that are common within the hospitality industry. Throughout this series, our hospitality industry leader at bgr CPAs has discussed the benefits of implementing three managerial practices: establishing four-week periods,conducting routine menu costing…

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