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Money

Tax and accounting photo with calculator

Building a sound structure (access required)

When Daniel Gibson was growing up, his dad owned and ran a string of gas-service stations. “All of them were structured as a sole proprietorship,” he said. “When I think about it now, I shudder.” Gibson is a tax partner with the audit, accounting, advisory, consulting, and tax services firm EisnerAmper and he knows that a sole proprietorship offers an owner almost no liability protection. “My dad thought his insurance coverage would be enough protection, but that’s not always the case.”

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John Blake, partner and chair, Klatzkin. - KLATZKIN

More surprises: A peek at upcoming tax changes (access required)

It’s a safe bet that few people look forward to filling out their individual or business tax returns, so many breathed a sigh of relief thinking there wouldn’t be any major changes in their 2019 return, since the last big shakeup was the Tax Cuts and Jobs Act of 2017. Surprise, surprise. It turns out that some of those provisions didn’t kick in until now — and in some cases, even at this late date, final guidelines haven’t been issued.

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