Author: Kaitlyn Robison

Recent hurricanes impacting Florida and several other states have created significant challenges for residents and businesses. Rea is committed to helping you understand and maximize the information available for tax relief and assistance programs. Here's a detailed breakdown: 

We've recently become aware of two concerning fraud schemes targeting businesses across the country. As your trusted advisors, we want to ensure you have the information needed to protect your business and personal data. 

The Corporate Transparency Act (signed into law on Jan. 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US. Beginning in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity. 

Cost segregation is a tax strategy that helps business owners save money on the depreciating value of certain property assets.

When a property owner sells an asset that previously was used to offset ordinary income through depreciation, the gain is taxed through depreciation recapture.

Cost Segregation is a strategy for increasing cash flow and reducing income taxes for commercial & residential property used in a trade or business. The tax benefits of cost segregations can be applied to real estates like hotels, restaurants, office spaces, apartments, auto dealerships, manufacturing, retail centers, and more.