Entity Separation Matters in Farm and Agriculture Diversification

Small and large family run farms are getting creative in how they are choosing to increase revenue outside of the traditional sale of farm crops. With competition and commodity prices out of their control, they are turning to other means that include retail farm stands and agri-entertainment options such as hayrides, corn mazes and petting …

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Qualified Business Income Deduction Considerations for Construction and General Business

One of the most hotly discussed parts of the Tax Cuts & Jobs Act (TCJA) is the Qualified Business Income Deduction (QBID), otherwise known as the Section 199A deduction. In general, the deduction provides certain pass-through businesses (sole proprietorships, partnerships, S Corporations) with the ability to deduct 20% of their qualified business income (QBI) on …

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5 Questions to Answer for Successful Ownership Transfer

Many business owners get to the end of their careers and then start thinking about how they are going to transition to the next stage of their lives, but also monetize the business they have spent years creating. They often expect that money from the sale or transition of their business will help to fund …

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Client Corner: Suffolk Cement Products

Suffolk Cement Products has operated in the Long Island area for more than 80 years. The Lohr family passed the company down through three generations and witnessed many changes in the industry over the years. Today, Mark Lohr and Linda Hagen carry on the family legacy that began with their grandfather many years ago when …

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Section 199A – What it is and what it means for businesses

Section 199A allows passthrough businesses to deduct 20% of their net income. In this video, Sean Kelly, CPA at Markowitz, Fenelon and Bank, shares how Section 199A affects businesses, which businesses can take advantage of this deduction and what steps a business owner can take throughout the year to remain under the deduction threshold. Section …

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