Tax and Accounting Updates – May 2018

Unpaid Taxes – Denial of Your Passport? By: Shailesh Patel Do you owe the IRS more than $50,000 (including interest and penalties) in tax debt? Do you need your U.S. passport to keep your job? Per the official IRS website, beginning January of 2018, an individual’s unpaid federal tax debt totaling more than $50,000 (including interest […]
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Hospitality Accounting Services

The Chugh CPAs, LLP team is experienced in serving the accounting needs of the hospitality industry. With more than 30 years of experience, our team is skilled at advising clients in forming, growing, and managing their hotel businesses. We condense your numbers into accurate financial statements to help you make smarter, informed decisions about your  […]
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Initial Coin Offerings: A mode of Fund Raising

Initial Coin Offering (“ICO”) is a form of fund raising that has gained recognition and speed in the recent past. The concept revolves around crypto currencies and blockchain technology. Crypto currency is a digital currency where encryption techniques are used to regulate the generation of the units of currency, more commonly called “mining”. How does […]
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Tax and Accounting Updates – March 2018

Tax Records that Businesses must Maintain By: Baljeet Singh Most businesses are not informed and make tax record-keeping mistakes. Here’s what you need to know to save on underpayment penalties due to non-compliance. There are many benefits for businesses to keep records that include identifying source of receipts, preparing financial statements, monitoring business progress, obtaining financing […]
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Tax and Accounting Updates – February 2018

Tax Reforms By: Satya Yeruva After successfully reconciling different bills passed by the House of Representatives and Senate, respectively, congress has passed the Tax cuts and Jobs Act of 2017. It is the first major rewrite of the U.S tax scheme in over 30 years and it is packed with changes that could have an impact […]
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Taxes and virtual currencies: What you need to know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe into that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to […]
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Tips for when your employees are family members

Working with family can be a pleasure. It can also be a pain, especially if you have to terminate a family member’s employment. Here are tips to help you ease the strain of mixing your family and employee relationships. Hire for the right reasons. Make your hiring and firing decisions based on the skill sets […]
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New 2018 capital expense rules

There are many provisions in the tax reform bill passed in late 2017 designed to benefit small business owners. There are also a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you need to know: Tool #1: Section 179 […]
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Medical Practice Accounting Services

We are committed to helping your medical practice achieve financial strength, so you can focus on what matters most – meeting with patients and running a successful practice. From deciding how to structure your medical practice, to guiding you through your financials, the Chugh CPAs, LLP team makes your numbers practical and easy to understand so you […]
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