As one of the largest independent public accounting firms in Florida, Gerson Preston is no stranger to being recognized by the media for its expertise and trusted reputation. But our commitment to continually expanding our knowledge and staying abreast of changes within our industry, and the industries that impact our diverse slate of clients, means that our firm’s opinion and insight can provide a valuable resource for understanding and anticipating economic, regulatory and related issues that can and may impact your business operation. Staying current is a must in today’s fast-moving business environment if you want to remain successful. Gerson Preston is here to help you keep pace.
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible asset, Create or enhance a separate, distinct intangible asset, Create or enhance a “future benefit” identified in IRS guidance as capitalizable, or “Facilitate” the acquisition or creation of an intangible asset. Capitalized costs can’t be...Read more
You create an estate plan to meet technical objectives, such as minimizing gift and estate taxes and protecting your assets from creditors’ claims. But it’s also important to consider “softer,” yet equally critical, goals. These softer goals may include educating your children or other loved ones on how to manage wealth responsibly. Or, you may want to promote shared family values and encourage charitable giving. Using a family advancement sustainability...Read more
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive a charitable donation write-off, you must itemize deductions on your tax return. What if you want to give gifts of investments...Read more
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. What does an increased standard deduction mean for you? A larger standard deduction will shelter...Read more
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