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Blog

HUGHES & COMPANY LLC BLOG

 


Attuning your social media strategy to the pandemic

Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel…
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Why do partners sometimes report more income on tax returns than they receive in cash?

If you’re a partner in a business, you may have come across a situation that gave you pause. In a…
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Businesses revise sales compensation models during pandemic

Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’…
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Take advantage of a “stepped-up basis” when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for…
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Business charitable contribution rules have changed under the CARES Act

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize…
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Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program…
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Does your company have an emergency succession plan?

For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition,…
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If you’re selling your home, don’t forget about taxes

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown…
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Rioting damage at your business? You may be able to claim casualty loss deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the…
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A nonworking spouse can still have an IRA

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work…
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