Monthly Archives: November 2020

Your first option for transitioning your business may not be your best

November 12, 2020

By Martha Sullivan, CPA, CVA/ABV, CM&AA, CEPA Partner, Succession Planning Practice Leader Martha leads HK’s succession and exit planning services division and is a regular contributor to Wisconsin’s InBusiness digital magazine. 2020 has renewed business owners’ thinking about company ownership. For some owners, 2020 is merely another bump in the road that they will roll over while holding the

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Construction business owners are provided an easier path to deducting rental loses by utilizing the real estate professional election

November 25, 2020

Taxpayers with rental activities have incentive to qualify as a real estate professional: if qualifications are met, rental losses that would typically be trapped can be used to offset other business income. However, strict rules exist to qualify and achieving this designation has proved difficult for many. Fortunately, taxpayers in the construction trade may be

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