Brian Borawski CPA, PC

While I continue to fret over my “about me” page, one of the things people ask me is, “What is your specialty?”  Over the course of my 18+ year career in tax, to a certain extent, I’ve done it all.  I’ve worked on billion dollar bank and insurance companies and large multinational manufacturing companies all [...]

This is part two in a series of article explaining the changes that happened when the American Taxpayer Relief Act of 2012 was enacted.  Like Individual Income Tax rates. the changes to the capital gains rate only changed for those who exceed a certain income threshold.  The news 20% rate applies to individuals making more [...]

This is the first in a series on the recent changes enacted as part of the American Taxpayer Relief Act of 2012.  The first thing we will look at is how income tax rates have changed.  The good news is, for most people, there are no changes other then the usual increases due to inflation.  [...]

We have a new tax bill.  I’m going to cover each of these items in detail but I wanted to make sure everyone had a quick summary version they could refer too Individual Income Tax Rates – If your single and make less than $400,000, married and make less than $450,000 or a head of [...]

Selling an asset can be taxing and sometime you run into problems when you sell an asset and you don’t collect all of the money at once.  Let’s look at an extreme example.  You have a building that’s worth $1 million but you’ve owned it for so long that it’s fully depreciated so if you [...]

November and December is when I normally start sitting down with my clients to talk about what they can do at the end of the year to minimize or defer their taxes.  Everyone’s tax situation is going to be different so the meetings are tailored to the clients but here are some general themes that [...]

A few months ago, I discussed the differences between a stock sale and an asset sale.  In one of the examples, I touch on technical terminations and this concept deserves it’s own post.  Let’s start with an example. Two friends set up an LLC and buy a piece of real estate with each owning 50% [...]

With the 9/15 deadline behind me and the 10/15 deadline winding down, you’ll be seeing more original content next week.  I plan on continuing to write about some of the tax ramifications of buying or selling a business, but if you have a topic you’d like to discuss, just send me an email or leave [...]

Typically, August is my single busiest month.  This surprises a lot of people but it mainly has to do with the fact that I have a few big projects that get extended, the don’t come in until the first of August and then it’s a flurry to get it all done before the September 15 [...]

Let’s start with a case study to set this up.  You live in the Detroit area so let’s assume a major sporting event is coming back to town like the U.S. Open and they’re holding it at Oakland Hills.  You’re lucky enough to own a home less than a mile away from the golf course [...]