Our new West Hartford office serves the accounting, tax and business valuation needs of successful entrepreneurs and business owners to achieve the financial and business goals they seek. This office specializes in tax planning and consulting services; as well as business valuation services, but our “Next Level of Service” goes beyond the simple compliance aspect to providing the counseling and solutions needed to succeed in today’s competitive economic environment.
UHY Advisors and UHY LLP (“UHY”) announced that they will add to their portfolio in the Northeast with the acquisition of the professional services firm Pratesi, Salemi & Company LLC and the valuation firm Brentmore Valuation Advisors, located in West Hartford, Connecticut. Both firms will operate under the UHY banner effective November 4, 2016.
The prudent businessperson is always cautious when he or she is offered a great bargain on real estate, equipment, a business interest, or some other property that just might be too good to be true. Even in connection with ordinary business transactions but especially when considering taking over a property or business that in a bargain because of some legal wrinkle, you should consider whether there might be some tax liability attached to the bargain that could come back to haunt you down the road.
The IRS has rules that limit the deductibility of expenses and losses from a hobby or activity not engaged in for profit. If the IRS determines that an activity is not profit-driven, deductions from the activity are limited to the amount of income the activity generates. Losses from such activities cannot be used to offset other income, such as salary or investments.
Phone: 860 519 1726
Fax: 860 519 1982
18 North Main Street
West Hartford, CT 06107