Hanson & Co. CPAs has been working with individuals and privately held businesses in the Denver metro area for more than 40 years. While we work with companies across numerous industries, our professionals have focused experience serving companies in the manufacturing, real estate, professional services, and oil and gas industries. In addition, we provide a variety of tax, accounting, audit, and consulting solutions to meet the diverse needs of our emerging, growth-focused, and established corporate clients.
In a previous blog post we discussed the difference in tax treatment between repairs and capital improvements. Over the years, this has been a hot topic with the IRS with many landlords disputing their particular cases. Current tax law states that landlords may deduct the cost of building repairs in a single year compared to the cost of building improvement, which must be depreciated over several years. Due to the confusion, the IRS has established a new safe harbor rule – SHST – that will allow small landlords to deduct many expenses that may have otherwise been considered improvements.
Hanson & Co. CPAs currently has an opening for an accounting staff professional in its Denver office, located just outside of the desirable Cherry Creek area. The qualified candidate will have an undergraduate degree in accounting. A master’s degree with an emphasis in accounting is preferred. The qualified candidate must also be eligible to sit for the CPA examination, possess a 3.0 cumulative GPA, and demonstrate strong communication and analytical skill.
Qualified tuition programs (QTPs), also known as 529 plans, offer substantial tax benefits. Investment earnings inside such plans avoid income tax. In addition, distributions from 529 plans to cover qualified higher education costs are tax-free.