Divorce and Taxes – What Are the Implications?

This article explains the precautions to take when getting a divorce, and several tax concerns that need to be addressed to ensure that taxes are kept to a minimum and important tax-related decisions are properly made. Five issues to consider in the process of divorce include alimony or support payments, child support, personal residence, pension benefits, and business interests. Each spouse could save thousands on their home, up to $500,000 of avoidable tax, if they owned and used the residence as their principal residence for two of the previous five years. Another issue to consider if getting a divorce is deciding how to file your tax return. For more information on divorce accounting, click the link!

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Does Your Small Business Have the Right Tech Tools for the Future?

This article explains that the current state of the economy and the Covid-19 pandemic has drastically changed the way consumers behave. It's extremely important for small businesses to capitalize on digital transformations. A Bill.com survey showed that “75% of SMBs took actions ranging from price changes, new business models, new customer outreach, and new product offerings and services.” The rise of e-commerce is significant, especially for those ages 65 and up, because, by January of 2021, they became the fastest-growing category of e-commerce shoppers. Mobile payment options also soared because of worries over the coronavirus. Digital wallets are not expected to be the main form of payment. For more insight on adaptions for small businesses, click the link!

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RBG is pleased to announce the promotions of Claire Cornelius to Tax Senior and Lauren Ruddle to Tax Senior Manager!

* Claire joined RBG in 2019 as a Tax Intern and came on as a full-time staff member in 2020. She currently serves as tax senior. Originally from Corinth, Mississippi, Claire now lives in Memphis. Outside of the office, she enjoys traveling and cheering on the Mississippi State Bulldogs. 

* Lauren joined the RBG team in 2020 where she currently serves as a Tax Senior Manager. Lauren brings 6 years of experience in public accounting, focusing on pass-through entities, corporate and consolidated tax returns as well as state and individual returns. Raised in Collierville, TN, Lauren now resides in Germantown, TN with her husband, Cameron, their son, Waylon, and their two rescue dogs, Levi and Annabelle. Outside of the office, she can be found cheering on the Memphis Tigers, hosting family and friends by the pool, exercising, and spending time at her family farm.

Changes to Bonus Depreciation Rules

This article explains that bonus depreciation rules have been changed over several years. In 2016 and 2017, under the IRS Revenue Proclamation (Rev. Proc.) 2019-33, Section 5.02 Section ‚Äì Deemed Election states: “a taxpayer that timely filed its federal tax return for the 2016 taxable year or the 2017 taxable year also will be treated as making the ¬ß168(k)(7) election for a class of property that is qualified property acquired after September 27, 2017 by the taxpayer and placed in service by the taxpayer during its 2016 taxable year.” For 2018, 2019, or 2020, “there was no deemed election out of bonus depreciation for these years. If the taxpayer failed to take bonus depreciation and qualified, then they are using an impermissible method.” In 2021, “As final regulations specify, the election out has to be made on your original return. If you missed bonus depreciation and discovered it in a later year, you can amend it if you catch it in 2022. If you catch it in 2023 or later, file 3115 under Rev. Proc. 2015-13.” To gain further knowledge on these updates on bonus depreciation in cost segregation, click the link!

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