CPA firms lay out top issues in 2021 and beyond
The AICPA’s Private Companies Practice Section surveyed CPA firms of all sizes and in all regions of the U.S. about the most significant challenges they face.
Source: accountingtoday.com
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Sponsor spotlight: Understanding tax terms - installment sales
Posted: July 25, 2021 Nancy Ekrem If you use an installment sale to help sell property, you can benefit from tax deferral and possibly lower your overall tax bill. But you need to watch out for certain tax traps if you do. Installment sale defined Generally, you create an installment sale when you receive payments for sold property in the tax year of the sale and at least one other tax year. For instance, if you sell real estate for a profit in 2021 and receive payments in 2021 through 2026, your real estate transaction is an installment sale. Tax implications An installment sale creates ...
Source: myedmondsnews.com