Government and Nonprofit Accounting Services

For federal income tax purposes, the general rule is that rental real estate losses are considered passive activity losses (PALs). Generally, individual taxpayers can only deduct PALs to the extent they have passive income from other sources. For instance, if you earn positive taxable income from other rental properties, that income typically counts as passive

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.

Natural disasters — like wildfires and tornadoes— can wreak havoc at any time. Last May was a particularly active tornado season across the United States, including at least six tornadoes and straightline winds that devastated multiple counties in Arkansas. Just last month, South Carolina saw a 2,000+ acre wildfire break out near neighbors close to Myrtle Beach, and no one can forget the shocking images of the Eaton County, California wildfires just a few months ago. No matter where you live, it’s important to be prepared in the event of an evacuation with little notice.

Besides necessities like clothing, medication, and toiletries, you should ensure that part of your emergency plan includes important documents for all family members in an easily accessible place. Below, we’ll be covering 18 essential documents to include in your emergency plan.