Brady Ware News

IRS Determines Correct Functional Currency To Calculate Foreign Currency Exchange Gain or Loss

IRS Determines Correct Functional Currency To Calculate Foreign Currency Exchange Gain or Loss In a Technical Advice Memorandum (TAM) issued in February, the IRS determined which of two currencies was the correct functional currency to calculate any foreign currency exchange gain or loss under Internal Revenue Code Section 988. The TAM revolved around payments of…

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Buying Out an Ex-Spouse’s Stock in a Closely Held Firm

Buying Out an Ex-Spouse’s Stock in a Closely Held Firm Let’s say divorcing spouses own part of the stock in a closely held corporation. One of them now want to buy out the other party’s shares by transferring some assets in exchange for the stock. As long as the transfer happens before the divorce is…

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Tax Law Changes Affecting Partnerships, LLCs and Their Owners

Tax Law Changes Affecting Partnerships, LLCs and Their Owners The Tax Cuts and Jobs Act (TCJA) brought many modifications to the tax laws that affect partnerships, limited liability companies (LLCs), and their owners. Here’s a look at the key changes. Technical Termination Rule Repealed Under prior law, a partnership (or LLC treated as a partnership…

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Update on Deducting Personal Casualty Losses

Update on Deducting Personal Casualty Losses Every year, millions of Americans are struck by sudden, unexpected disasters — including hurricanes, wildfires, floods, tornadoes, volcanoes, and even vandalism and terrorist attacks. These destructive events can cause injuries, death and property damage. The tax code allows individuals to claim itemized deductions for personal casualty losses — but…

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Building a Digital Empire

Think you’re capturing most of your potential customers online? You probably aren’t. Today’s customers are savvy-looking for the best prices and best access to the vehicles they want. And that means you need a digital marketing plan that works- not something based on practices that are two decades old. You are the car expert- but…

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