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Year-End Tax-Planning Moves for Businesses & Business Owners

  Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2016, the expensing limit is $500,000 and the investment ceiling limit is $2,010,000. Expensing is generally available for most depreciable property (other than buildings), off-the-shelf computer software, and qualified real property-qualified leasehold improvement property, qualified restaurant…

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Year-End Tax Planning Moves for Individuals

Postpone income until 2017 and accelerate deductions into 2016 to lower your 2016 tax bill. This tried and true strategy could be even more meaningful in light of the possible proposed tax reform.  This strategy may enable you to claim larger deductions, credits, and other tax breaks for 2016 that are phased out over varying…

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Special Events – GAAP vs IRC!

Nonprofits face unique challenges with financial statement and tax reporting.  There are a number of items that are treated differently for financial statement purposes prepared under generally accepted accounting principles and tax reporting which is dictated by IRS regulations. One particularly challenging item is the treatment of special events.  There is confusion among nonprofits surrounding…

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The Future of Bonus Depreciation in Real Estate

  The tax and accounting experts at bgr CPAs explain the importance of bonus depreciation for commercial and residential real estate owners. Bonus depreciation is often used to incentivize real estate and business owners to purchase capital assets. This accelerated method of depreciation allows owners to make an additional deduction on the cost of qualifying…

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4 Things That All Restaurants Should Consider: Part One

  The hospitality industry leader at bgr CPAs explains four practices that all restaurant owners should consider implementing to help combat financial challenges that are common within the hospitality industry. The hospitality industry can be particularly demanding on managers and business owners—posing many financial challenges atypical of other industries. For restaurateurs, these challenges must be…

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bgr CPAs Collects Donations for Ellicott City Flood Disaster Victims

Columbia, Md. (August 23, 2016) – Immediately following the devastating flood disaster in Ellicott City, the Social Committee at Berman Goldman & Ribakow LLP (bgr CPAs) teamed together to brainstorm how we could help. Ellicott City’s Main Street is near and dear to all at bgr CPAs, Howard County and beyond. Monetary donations were collected…

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Marc Rubin Named 2016 Center of Influence Award Honoree by SmartCEO

Columbia, Md. (August 15, 2016) – Marc Rubin, Managing Partner of Berman Goldman & Ribakow LLP (bgr CPAs), has been recognized by Baltimore SmartCEO as a 2016 Center of Influence Award honoree. Marc began his career with bgr CPAs and celebrated 40 years with the firm this year. His clients benefit from his broad knowledge…

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Stephen Wolf Appointed to Treasurer of Howard County Chamber of Commerce

Columbia, Md. (August 11, 2016) – Stephen Wolf, Partner at Berman Goldman & Ribakow LLP (bgr CPAs), has been appointed to the Executive Committee as Treasurer of the Howard County Chamber of Commerce. The Chamber is comprised of many individuals whose efforts enable the services, programs and resources that Howard County business professionals rely upon.…

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Doing Business Out of State? State Tax Nexus Explained

  If you are a business owner operating in multiple states, you could face tax obligations without even knowing it.  Determining whether these states have a legal right to tax your out-of-state business depends on whether your business has “nexus” with the state.  For state tax purposes, the term “nexus” describes the amount and degree…

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