The cash received and the information needed for a qualified-business-income deduction are not the same thing.

Build the cash forecast and tax projection together, while there is still time to make a sound business decision.

Updated section 163(j) guidance makes the old election file worth reopening before another projection is finalized.

September IRS guidance may extend a livestock replacement period, but eligibility still needs a documented review.

Preserve the contract, project costs and payment purpose before deciding how conservation assistance is reported.

Compare basis, control and cash needs before choosing between a lifetime transfer and a later inheritance.

Collect vendor information before payment and review the current 1099 rules by payment type.

A useful trial file explains the technical question, the work performed, and the costs connected to it.

Stock basis, debt basis and other loss limitations need their own records.

Separate compensation for work from ownership distributions and keep the supporting records.

Cash rent, crop shares and participation can lead to different reporting questions.

The structure and deadlines of a real-estate exchange should be settled before sale proceeds change hands.