“Step up basis” is an important concept for real estate investment and both new real estate investors and those seasoned in the industry. While it may sound like technical accounting jargon, understanding the mechanics can give you an edge when analyzing the economic and tax impacts of a potential real estate deal. Basis For Real…
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Choosing a new (or new-to-you) car is exciting, and one of the biggest financial decisions you’ll make. You may be wondering, “Should I lease or buy a car?” As such, you should consider all your options and how they’ll affect your lifestyle. What’s the most cost-effective way to drive the car you want? Choosing between…
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Small and medium-sized businesses are prone to internal accounting fraud for a number of reasons. In most cases, the reason these companies are at risk is that they have a one-person accounting department. Often times, these types of businesses lack the budget or simply don’t have enough work to necessitate hiring more accounting staff. The…
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In a recent Tax Court case, Maggard v. Commissioner, the court ruled that unauthorized, disproportionate distributions within an S corporation did not terminate its S corporation status, highlighting the importance of proper documentation and governance for business owners. S Corporations and Classes of Stock One of the key requirements for a corporation to qualify for…
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It is with deep sadness that we announce the passing of Robert L. Wiebe, founding partner of Wiebe Hinton Hambalek, LLP. Robert’s passing on Thursday, October 7, 2021, followed a ten-month battle with pancreatic cancer. He was 68 years old and is survived by his wife, Therese, two grown children, and three grandchildren. A highly…
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My kids are college age and finding affordable, safe housing for them is a top concern. I have a couple of friends who’ve opted to purchase property by their child’s campus for them to live in through their college careers. I did a little research to find out if it would be a viable option…
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