Coronavirus Office Protocols

March 24, 2020

As we are navigating our way through the upcoming days and weeks of Coronavirus, we are making strides at Berkman, Jorgensen, Masters & Stafman to keep our facility safe for our clients and staff; therefore, we have implemented the following procedures: Our office is open, but entrance doors are locked. Appointments will be by phone […]

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Do you run your business from home? You might be eligible for home office deductions

April 2, 2020

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]

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GOP’s proposed tax reform plan significantly changes the rules for individuals and businesses

September 26, 2017

Earlier this week, U.S. Senate Republicans declined to vote on the Graham-Cassidy health care bill because there weren’t enough votes to pass it. Yesterday, President Trump and Republican congressional leaders turned their attention to tax reform by releasing an outline of their long-awaited tax reform plan. The nine-page “Unified Framework for Fixing Our Broken Tax […]

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Defer tax with a Section 1031 exchange, but new limits apply this year

August 28, 2017

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. What is a like-kind exchange?Section […]

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New law clears the way for small businesses to offer standalone HRAs

December 21, 2016

When President Obama signed into law the 21st Century Cures Act on December 13, 2016, most of the media coverage focused on the provisions related to medical innovation. But the law also includes some good news for small businesses that have been prohibited in recent years from providing their employees with Health Reimbursement Arrangements (HRAs). […]

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