How a simple conversation opens the door to a host of new opportunity.
By Barry J. Friedman, CPA
Basis seems like a simple concept, but as with so many tax issues, it can become complicated quickly. This is especially true after recent tax reform.
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First, let's start with what "basis" means. Clients need to understand that basis is usually what you paid for an asset. According to the IRS, a capital gain or loss is the difference between your basis and the amount you get when you sell an asset. So, if you sell an asset that is worth more than you paid for it, you will have to pay taxes on the gain.
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Barry J. Friedman, CPA
About the Author
Barry J. Friedman, CPA, is CEO of IndustryNewsletters.
The accompanying article is one of the most popular among CPA firm clients in the IndustryNewsletters network, indicating strong client interest in the subject and potentially significant service opportunities for practitioners.
Friedman brings more than 35 years of experience building and managing CPA firms, as well as digital marketing firms. Barry sold his regional accounting firm, Friedman & Fuller, to American Express and then created BizActions, LLC which became the first and most widely adopted email marketing service for CPA and payroll firms, which he sold to Thomson Reuters in 2012. Previously, he was the founder and CEO of GovCon where he developed an online electronic commerce community that brought together thousands of IT contractors and hundreds of government entities. He earned an MBA in Business Administration from Loyola College and taught Financial Management in that program for three years.
IndustryNewsletters is a powerful, easy-to-use digital marketing tool for professional services firms with a large and growing library of timely, relevant content. This robust platform includes an email newsletter service, OnTarget email blast tool, Social Sharing tool, Reporting, and more, to assist you in adding value for your clients and growing your business.
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