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Taxes · United StatesIf you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. Basis is generally what the owner paid for an asset, adjusted for improvements, depreciation, return of capital, etc. Capital gain (or loss) e…See the Story
Understanding the “Step-up in Basis” when Inheriting Assets - WCS - Tax Accountant in Bel Air MD

Los Angeles, California · Los AngelesSetting reasonable compensation is one of the most important — and often overlooked — compliance issues for C corporation and S corporation owners. Getting it wrong can lead to IRS audits, reclassified income, back taxes, penalties, and a major headache. Whether you’re paying yourself too much or too little, the IRS may scrutinize your compensation strategy. Fortunately, with proper planning, documentation, and market research, you can significa…Read Article
“Reasonable Compensation” Rules for C Corps and S Corps: What Business Owners Need to Know - DWC CPAs and Advisors

United States · United StatesAccurate financial records are essential for managing cash flow, meeting tax obligations, and supporting strategic planning. A solid bookkeeping software provides the foundation for sound business decisions and long-term growth. There is a large number of bookkeeping software for businesses on the market today but QuickBooks® still remains the one most small and midsize businesses rely on, including accounting firms. QuickBooks provides a compre…Read Article