What is the Basis of Property Received as a Gift?

May 17, 2017

When a person receives a property as a gift, it’s wise to remember that there are tax consequences if the property is sold. In the event of a sale, a taxpayer must calculate “basis” in the property as a baseline for determining overall gain or loss. While basis is the purchase price in most property transactions, special rules apply when property is received as a gift…

Buckle Up: Why the Oil Price Malaise May Not Change Anytime Soon

May 12, 2017

The past couple of years have not been the best of times for producers of U.S. commodities. This is particularly true for domestic oil patch operators, who continue to struggle with a pricing trend that has by no means been friendly to profitability.

Overview of SOC 3 Reports

May 09, 2017

There are some close similarities in Service Organization Control (SOC) attestation documents, particularly between SOC 2 and SOC 3 reports, that focus on an organization’s controls in areas such operations and compliance.

Shareholders Denied Expense Deductions for Advances Made to Corporation

May 02, 2017

When individuals hold a partial interest in a C or S-corporation, that can raise a number of complex issues when it comes time to file their personal tax returns. For example, many taxpayers do not know that partial interest holders may not deduct advances made to a corporation as a business expense on Schedule C of their individual tax returns…

Overview of SOC 2 Reports and Updated Trust Principle Criteria

April 25, 2017

A SOC 2 attestation focuses on an organization’s controls in areas such as operations and compliance. It is performed in accordance with AT Section 101: Attest Engagements, and this report is generally best suited for financial services, health care and other technology-based entities heavily reliant on cloud computing and online systems for day-to-day operations…

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