Key Insights into Depreciation from Beginning to Middle to End

Depreciation is a pivotal concept for anyone with assets in the business or rental sector. Yet despite its signiﬁcance, depreciation can leave many taxpayers puzzled over when it truly begins. In essence, depreciation commences not when an asset sees actual utilization, but when it is set and ready for its intended use. This subtle distinction, as outlined by the IRS, is crucial for understanding tax deductions and maximizing asset value. This article delves into the speciﬁcs of when depreciation starts and offers guidance on the nuances of this crucial tax concept, using real-world examples to shed light on the IRS’s perspective. ...

The U.S. Treasury Announcement: March 21, 2020

The U.S. Treasury Announcement: The Federal Income Tax Filing Due Date is Automatically Extended from April 15 to July 15 Greetings We hope this finds you well, as we indeed currently live in unusual times. Recent updates to the Federal Income Tax Filing Dates were changed. Following our commitment to keeping you informed we wanted to briefly update you on some recent developments in the tax and business realm. Last weekend (IRS, 03.21.2020) the US Treasury announced that the federal income tax filing due date is automatically extended from April 15 to July 15. The previously announced extension of time to pay 2019 income taxes due ...

Happy New Year! Morris + D’Angelo Celebrating 25-Years and a New Decade Providing High-Level Financial Services Preserving Multi-Generational Family Wealth

Morris + D’Angelo provides assistance for people who are considering global expansion, most commonly into the United States. Morris + D’Angelo is a boutique cross-border Financial Services firm that specializes and serves Multi-Generational Family-Based enterprises and their owners. Daniel Morris leads the firm’s Business Structuring, Taxation Strategies, and Related Services Currently celebrating our 25th anniversary, Morris + D’Angelo has been providing high-level Financial Services for both families and entrepreneurs to determine how and where they should operate, expand, consolidate and associate their earnings; this includes their ...

Encouraged by CBD Business Opportunities; Five Regulatory Cautions

It has become increasingly difficult to ignore the increasing amount of media and press coverage of the growing cannabis (CBD) business opportunities in the market today. CBD, a nonintoxicating compound found in cannabis, is everywhere we look. Their extractions can also be inhaled or vaped easily with the use of an enail kit. Coffee shops across the country offer “calming” CBD infusions for your morning cappuccino. Boutique makeup brands are churning out CBD moisturizers, claiming the compound’s anti-inflammatory properties and inducing them in CBD sleep softgels. As of October 2018, 46 states have passed some kind of CBD legalization. ...

We Urge The IRS to Provide Better Guidance on Cryptocurrency Rules

Following an explosive 2017, many of the cryptocurrencies we are commonly familiar with reached their all-time peak values in January of 2018 before the market took a spectacular turn for worse and began a correction that lasted for the entire year. During the year, many cryptocurrencies you are familiar with witnessed staggering losses. Bitcoin alone lost more than $250 billion, or 80% of its value, Ethereum lost more than 90% of its value, and other cryptocurrencies suffered similar losses. It was practically impossible to read the news without seeing reports on how poorly the market was doing, or how much money investors were losing by the ...

What does helping people in Guatemala have to do with accounting in Portland, Oregon?

What does helping people in Guatemala have to do with accounting in Portland, Oregon? The answer is NOTHING! So, why would my employer Morris + D’Angelo support my traveling to Guatemala? When I was hired by Morris + D’Angelo in San Jose to open and expand their office in Portland Oregon, I expected to have a “typical” retail space someplace where potential customers could come and get advice and counsel about their taxes. However, that’s not typically all we do at Morris + D’Angelo. While it’s true, we help our customers solve their specific tax needs, we do much more. We help multi-generational family businesses, individuals ...