LB Carlson provides high-value tax consulting, planning and preparation. Our team of experienced CPAs can oversee and manage all aspects of federal and state tax compliance, planning, and forecasting. We strive to keep you informed on the latest tax regulations and incentives.
LB Carlson provides high-level tax representation. Whether you are working on a specific transaction or require representation with the IRS or state commissioner of revenue, LB Carlson lends its specific tax expertise to reduce time and complexity.
Our experience includes domestic and international business and multi-state taxation issues. In addition, we perform special studies to take advantage of tax incentives including research and development analysis and cost segregation studies.
Cost segregation generates tax savings by identifying shorter-lived assets. Those assets are typically embedded in a building’s construction or acquisition costs and depreciated over 39 years. Our study helps identify personal property and land improvements components. These items typically qualify for shorter depreciable lives and quicker tax deductions.
If your strategic plans include the pursuit of merger and acquisition opportunities or you are considering the sale of your business, LB Carlson has 30+ years experience in all aspects of the process. We customize our approach with each client in conjunction with their specific objectives. The following includes a brief description of some of the services we provide in the merger and acquisition process:
Activities that qualify must be related to a new or improved product or process, be technological in nature and be subject to uncertainty at the start of the process.
We’ll help you identify expenditures that will maximize your R&D credit potential. We will also work with you to develop an R&D tracking system for capturing qualifying research expenditures incurred in future years.
If your company files with the SEC, we can assist with preparation of financial statements and notes, as well as preparation of appropriate documentation and supporting work papers.
We can provide many accounting services when such services, if performed by your current audit firm, would impede their independence and thus their ability to provide audit services.
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends.
President Trump signed into law billions of dollars in long-awaited COVID-19 and economic relief. The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll and retirement provisions. Here are some of the provisions most likely to affect individual taxpayers.
The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Let’s take a closer look at the provisions that are most likely to affect your company’s bottom line.
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule.
Unless Congress acts soon, many small businesses may be hit with an unexpected tax bill related to PPP loans. Join us in supporting the AICPA’s efforts to push for deductibility of PPP-funded expenses! Take action by writing to your Congressman to request PPP expense deductions be allowed. To make it easy, the AICPA has drafted an email that you can use.
On Nov. 18, 2020, the Internal Revenue Service released additional guidance regarding the deductibility of expenses paid using proceeds from a PPP loan. The new guidance states that if a taxpayer received a PPP loan and paid or incurred usually deductible expenses with the loan proceeds, those expenses are not deductible if the taxpayer has a reasonable expectation that they will receive forgiveness. The expenses paid for with PPP loan proceeds are not deductible in the year paid even if forgiveness has not been achieved or applied for by the end of the taxable year. In other words, the expenses are not deductible on taxpayers’ income tax returns that include the covered period. The covered period is either the 8- or 24-week period you elected to spend the loan proceeds.