Does your small business need to file a BOI report? The deadline is approaching Image
Does your small business need to file a BOI report? The deadline is approaching

The deadline is fast approaching for many small businesses to file beneficial ownership information reports. Here&rsq...

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12/10/2024
Federal court rules against DOL’s “white collar” overtime rule Image
Federal court rules against DOL’s “white collar” overtime rule

A federal court has struck down a new rule regarding the salary threshold for determining whether employees are exemp...

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12/5/2024
Businesses can still cut their 2024 taxes Image
Businesses can still cut their 2024 taxes

Implementing tax-reduction strategies now can pay off the next time your company files its tax return.

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12/3/2024
Self-employment tax: A refresher on how it works Image
Self-employment tax: A refresher on how it works

You’re probably familiar with the self-employment tax if you own a business. Here’s a refresher on how it...

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11/19/2024
The amount you and your employees can save for retirement is going up slightly in 2025 Image
The amount you and your employees can save for retirement is going up slightly in 2025

The tax-advantaged retirement plan contribution amounts will increase less next year than in previous years due to ea...

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11/15/2024
How the U.S. election changes the outlook for taxes Image
How the U.S. election changes the outlook for taxes

With President-elect Trump, the tax landscape will change in 2025.

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11/12/2024
How can you build a golden nest egg if you’re self-employed? Image
How can you build a golden nest egg if you’re self-employed?

A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you...

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11/7/2024
How will the 2025 inflation adjustment numbers affect your year-end tax planning? Image
How will the 2025 inflation adjustment numbers affect your year-end tax planning?

The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don...

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10/31/2024
The evolution of financial reporting Image
The evolution of financial reporting

Ever wonder why the accounting rules are so complicated and ever-changing? As the markets evolve and new challenges a...

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10/24/2024
Employers: In 2025, the Social Security wage base is going up Image
Employers: In 2025, the Social Security wage base is going up

Changes are coming to the Social Security system in 2025 in the form of a higher wage base. Next year’s thresho...

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10/22/2024
How your business can prepare for and respond to an IRS audit Image
How your business can prepare for and respond to an IRS audit

What triggers an IRS audit and how can you prepare if your business is selected?

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10/17/2024
Taxes take center stage in the 2024 presidential campaign Image
Taxes take center stage in the 2024 presidential campaign

Election day is less than a month away. Here’s a rundown of the major tax proposals of the two candid...

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10/10/2024
Ease the financial pain of natural disasters with tax relief Image
Ease the financial pain of natural disasters with tax relief

It’s been an especially difficult year for victims of natural disasters, including those affected by Hurricane ...

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10/9/2024
Advantages of keeping your business separate from its real estate Image
Advantages of keeping your business separate from its real estate

It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t ...

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10/8/2024
Understanding your obligations: Does your business need to report employee health coverage? Image
Understanding your obligations: Does your business need to report employee health coverage?

Form 1095-C is filed with the IRS and given to full-time employees of “applicable large employers.” Which...

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10/1/2024
2024 Q4 tax calendar: Key deadlines for businesses and other employers Image
2024 Q4 tax calendar: Key deadlines for businesses and other employers

Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlin...

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9/24/2024
Federal court rejects FTC’s noncompete agreement ban Image
Federal court rejects FTC’s noncompete agreement ban

The Federal Trade Commission’s ban on noncompete agreements is now in limbo after a recent court ruling.

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9/19/2024
Help ensure your partnership or LLC complies with tax law Image
Help ensure your partnership or LLC complies with tax law

Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addres...

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9/17/2024
It’s time for your small business to think about year-end tax planning Image
It’s time for your small business to think about year-end tax planning

We’ll be saying goodbye to 2024 in no time. Here are some year-end moves to consider that may help your small b...

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9/10/2024
Reasons an LLC might be the ideal choice for your small to medium-size business Image
Reasons an LLC might be the ideal choice for your small to medium-size business

A limited liability company can provide personal liability protection from creditors while delivering tax benefits. I...

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9/5/2024
Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision Image
Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision

If your business is creating a partnership agreement or LLC operating agreement, it should include tax-related specif...

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8/29/2024
Business website expenses: How they’re handled for tax purposes Image
Business website expenses: How they’re handled for tax purposes

When developing your business’s website, how do you handle the expenses for tax purposes? Here are the basic ru...

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8/27/2024
Cash or accrual accounting: What’s best for tax purposes? Image
Cash or accrual accounting: What’s best for tax purposes?

Choosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation....

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8/20/2024
Understanding taxes on real estate gains Image
Understanding taxes on real estate gains

If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business ...

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8/15/2024
The possible tax landscape for businesses in the future Image
The possible tax landscape for businesses in the future

The tax landscape for businesses may change significantly in the near future. That’s because provisions in the ...

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8/6/2024
IRS issues final regulations on inherited IRAs Image
IRS issues final regulations on inherited IRAs

The IRS has issued final regulations regarding inherited IRAs and other defined contribution plans.

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8/1/2024
IRS ramps up compliance enforcement against certain businesses Image
IRS ramps up compliance enforcement against certain businesses

The IRS has announced several tax-compliance initiatives that focus on businesses. Here’s a look at three of th...

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7/30/2024
What are AUP engagements — and does your business need one? Image
What are AUP engagements — and does your business need one?

A financial statement audit provides a detailed, reliable snapshot of a business’s entire operations. But somet...

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7/25/2024
Be aware of the tax consequences of selling business property Image
Be aware of the tax consequences of selling business property

What are the tax consequences of selling business assets? They can be complex.

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7/23/2024
If your business has co-owners, you probably need a buy-sell agreement Image
If your business has co-owners, you probably need a buy-sell agreement

For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a...

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7/18/2024
Consider borrowing from your corporation but structure the deal carefully Image
Consider borrowing from your corporation but structure the deal carefully

Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, conside...

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7/9/2024
2024 Q3 tax calendar: Key deadlines for businesses and other employers Image
2024 Q3 tax calendar: Key deadlines for businesses and other employers

Summer is here and tax deadlines are probably the last thing on your mind. But there are some important third-quarter...

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6/26/2024
Figuring corporate estimated tax Image
Figuring corporate estimated tax

An important deadline for quarterly federal estimated tax payments is coming up on June 17. Here are the methods for ...

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6/11/2024
It’s almost time for a midyear checkup on your company’s financial health Image
It’s almost time for a midyear checkup on your company’s financial health

Time flies when you’re busy running a business. It’s important to pause at midyear and assess interim fin...

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5/30/2024
Should you convert your business from a C to an S corporation? Image
Should you convert your business from a C to an S corporation?

There are several factors to consider when converting from a C corporation to an S corporation. Here are four of the ...

Read More »
5/28/2024
Tax tips when buying the assets of a business Image
Tax tips when buying the assets of a business

When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or w...

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5/22/2024
Federal regulators expand overtime pay requirements, ban most noncompete agreements Image
Federal regulators expand overtime pay requirements, ban most noncompete agreements

Two new federal rules regarding overtime pay and noncompete agreements have recently been adopted.

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5/7/2024
Don’t have a tax-favored retirement plan? Set one up now Image
Don’t have a tax-favored retirement plan? Set one up now

If you’re a business owner without a retirement plan, establishing one is simpler than you may think. And there...

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4/30/2024
Incurred Cost Submission Supplemental Schedule B Image
Incurred Cost Submission Supplemental Schedule B

Contractors preparing their 2023 Incurred Cost Submission must consider the Bipartisan Budget Act's compensation cap ...

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4/18/2024
Update: Contractor Employee Compensation Limits Image
Update: Contractor Employee Compensation Limits

Annually adjusted compensation caps for contractor employees, set by the Bipartisan Budget Act of 2013, require adher...

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4/17/2024
Scrupulous records and legitimate business expenses are the key to less painful IRS audits Image
Scrupulous records and legitimate business expenses are the key to less painful IRS audits

A meticulous approach to maintaining business records can help protect your tax deductions and make an IRS audit much...

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4/9/2024
2024 Q2 tax calendar: Key deadlines for businesses and employers Image
2024 Q2 tax calendar: Key deadlines for businesses and employers

Spring is here, along with a bunch of tax-related deadlines. Here are some upcoming dates for the second quarter of 2...

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4/4/2024
Coordinating Sec. 179 tax deductions with bonus depreciation Image
Coordinating Sec. 179 tax deductions with bonus depreciation

There’s more than one way for businesses to claim depreciation tax deductions. By combining them, you can get o...

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3/26/2024
Bartering is a taxable transaction even if no cash is exchanged Image
Bartering is a taxable transaction even if no cash is exchanged

If your small business would like to exchange goods and services without exchanging money, you may be able to barter....

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3/19/2024
Maximize the QBI deduction before it’s gone Image
Maximize the QBI deduction before it’s gone

The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don...

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3/12/2024
Independent contractor vs. employee status: The DOL issues new final rule Image
Independent contractor vs. employee status: The DOL issues new final rule

The deadline to comply with a new U.S. Dept. of Labor rule regarding worker classification is fast approaching. Is yo...

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3/7/2024
Why it’s important to get your company’s financials done on time Image
Why it’s important to get your company’s financials done on time

Timeliness counts in financial reporting. Here’s why it pays to issue your company’s financial statements...

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2/29/2024
Tax-wise ways to take cash from your corporation while avoiding dividend treatment Image
Tax-wise ways to take cash from your corporation while avoiding dividend treatment

As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the b...

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2/27/2024
There’s a new threshold for electronically filing information returns Image
There’s a new threshold for electronically filing information returns

Businesses that file 10 or more information returns must now file them electronically.

Read More »
2/22/2024
Best practices for M&A due diligence Image
Best practices for M&A due diligence

Are you contemplating a merger or acquisition in 2024? Comprehensive financial due diligence is the cornerstone of a ...

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2/20/2024
What’s the best accounting method route for business tax purposes? Image
What’s the best accounting method route for business tax purposes?

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, whic...

Read More »
2/13/2024
9 tax considerations if you’re starting a business as a sole proprietor Image
9 tax considerations if you’re starting a business as a sole proprietor

Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a busines...

Read More »
2/6/2024
2024 tax calendar Image
2024 tax calendar

Reference this tax calendar to learn the 2024 deadlines for various tax-related forms and payments.

Read More »
1/30/2024
Tax-favored Qualified Small Business Corporation status could help you thrive Image
Tax-favored Qualified Small Business Corporation status could help you thrive

There are two strong incentives for eligible small businesses to operate as a special type of entity. Learn how a Qua...

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1/16/2024
2024 Q1 tax calendar: Key deadlines for businesses and other employers Image
2024 Q1 tax calendar: Key deadlines for businesses and other employers

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligati...

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1/12/2024
6 tips to improve job-costing systems Image
6 tips to improve job-costing systems

Is your company’s job-costing system accurate and user friendly? Tracking costs can help identify which project...

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1/11/2024
Defer a current tax bill with a like-kind exchange Image
Defer a current tax bill with a like-kind exchange

The real estate market has been tough recently. But there are still large profits being made on some business propert...

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1/4/2024
Giving gifts and throwing parties can help show gratitude and provide tax breaks Image
Giving gifts and throwing parties can help show gratitude and provide tax breaks

Spread some holiday cheer by giving gifts to employees or customers … or throwing a festive party. But make su...

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12/14/2023
IRS delays new reporting rule for online payment processors Image
IRS delays new reporting rule for online payment processors

The IRS is delaying the $600 Form 1099-K reporting threshold for third-party settlement organizations for the 2023 ta...

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12/5/2023
There still may be time to reduce your small business 2023 tax bill Image
There still may be time to reduce your small business 2023 tax bill

The holiday whirlwind has begun. There may be ways your small business can save on 2023 taxes. But you must act fast....

Read More »
11/28/2023
A cost segregation study may cut taxes and boost cash flow Image
A cost segregation study may cut taxes and boost cash flow

Ever heard of a cost segregation study? It’s a strategy that can yield tax benefits, but it’s not the rig...

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11/14/2023
Choosing a business entity: Which way to go? Image
Choosing a business entity: Which way to go?

Choosing the best entity for your business is a multi-faceted decision. Here’s a look at the some of the consid...

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11/7/2023
New per diem business travel rates kicked in on October 1 Image
New per diem business travel rates kicked in on October 1

The IRS recently announced the special “per diem” rates that became effective Oct. 1, 2023. Here are the ...

Read More »
11/2/2023
The Social Security wage base for employees and self-employed people is increasing in 2024 Image
The Social Security wage base for employees and self-employed people is increasing in 2024

Certain business owners and some of their employees don’t have to pay Social Security tax on all their wages. A...

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10/24/2023
Business automobiles: How the tax depreciation rules work Image
Business automobiles: How the tax depreciation rules work

Complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile....

Read More »
10/19/2023
How IRS auditors learn about your business industry Image
How IRS auditors learn about your business industry

IRS examiners use publications called Audit Techniques Guides to prepare for audits in certain industries and those w...

Read More »
10/10/2023
IRS suspends processing of ERTC claims Image
IRS suspends processing of ERTC claims

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year...

Read More »
10/5/2023
What types of expenses can’t be written off by your business? Image
What types of expenses can’t be written off by your business?

You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be o...

Read More »
10/3/2023
2023 Q4 tax calendar: Key deadlines for businesses and other employers Image
2023 Q4 tax calendar: Key deadlines for businesses and other employers

The leaves are beginning to turn in some areas so it’s time for businesses to start thinking about year-end tax...

Read More »
9/26/2023
IRS issues guidance on new retirement catch-up contribution rules Image
IRS issues guidance on new retirement catch-up contribution rules

The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and...

Read More »
9/14/2023
The IRS warns businesses about ERTC scams Image
The IRS warns businesses about ERTC scams

Beware of fraudsters hyping the Employee Retention Tax Credit! Not all businesses are eligible despite the claims you...

Read More »
9/12/2023
Update on depreciating business assets Image
Update on depreciating business assets

Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim...

Read More »
9/7/2023
Divorcing business owners should pay attention to the tax consequences Image
Divorcing business owners should pay attention to the tax consequences

Divorce can be financially complicated, especially if one or both of the spouses owns a business.

Read More »
8/29/2023
Guaranteeing a loan to your corporation? There may be tax implications Image
Guaranteeing a loan to your corporation? There may be tax implications

If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be ...

Read More »
8/24/2023
Planning ahead for 2024: Should your 401(k) help employees with emergencies? Image
Planning ahead for 2024: Should your 401(k) help employees with emergencies?

Next year, a new provision kicks in that may allow businesses to help employees in financial emergencies through thei...

Read More »
8/15/2023
IRS provides transitional relief for RMDs and inherited IRAs Image
IRS provides transitional relief for RMDs and inherited IRAs

Some taxpayers can look forward to receiving transitional relief from the IRS related to the required beginning dates...

Read More »
8/10/2023
Receive more than $10,000 in cash at your business? Here’s what you must do Image
Receive more than $10,000 in cash at your business? Here’s what you must do

Some businesses receive large amounts of cash. Depending on the amounts, they may be required to report the transacti...

Read More »
8/8/2023
The advantages of using an LLC for your small business Image
The advantages of using an LLC for your small business

You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corp...

Read More »
8/1/2023
A tax-smart way to develop and sell appreciated land Image
A tax-smart way to develop and sell appreciated land

There may be a way to reduce a large tax bill if you own appreciated land that you want to subdivide and develop for ...

Read More »
7/25/2023
Corporate officers or shareholders: How should you treat expenses paid personally? Image
Corporate officers or shareholders: How should you treat expenses paid personally?

When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax de...

Read More »
7/20/2023
Use an S corporation to mitigate federal employment tax bills Image
Use an S corporation to mitigate federal employment tax bills

Converting an unincorporated business into an S corporation may help you cut your self-employment tax bill. Here's ho...

Read More »
7/13/2023
Starting a business? How expenses will be treated on your tax return Image
Starting a business? How expenses will be treated on your tax return

Launching a business? Here’s how start-up expenses are handled on a federal tax return.

Read More »
7/6/2023
The Trust Fund Recovery Penalty: Who can it be personally assessed against? Image
The Trust Fund Recovery Penalty: Who can it be personally assessed against?

The Trust Fund Recovery Penalty is personally imposed on certain business owners and managers when employment taxes a...

Read More »
6/27/2023
Virtual currency lands in the IRS’s crosshairs Image
Virtual currency lands in the IRS’s crosshairs

If you do business with virtual currency, it’s time to read up on related tax requirements. The IRS is paying c...

Read More »
6/22/2023
2023 Q3 tax calendar: Key deadlines for businesses and other employers Image
2023 Q3 tax calendar: Key deadlines for businesses and other employers

You might want to enjoy the lazy days of summer, but employers and businesses need to make sure not to miss these thi...

Read More »
6/20/2023
What’s in the Fiscal Responsibility Act? Image
What’s in the Fiscal Responsibility Act?

With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act.

Read More »
6/15/2023
Advantages and disadvantages of claiming big first-year real estate depreciation deductions Image
Advantages and disadvantages of claiming big first-year real estate depreciation deductions

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may ...

Read More »
6/13/2023
Traveling for business this summer? Here’s what you can deduct Image
Traveling for business this summer? Here’s what you can deduct

Traveling for business this summer? Here’s a rundown of the tax deductions you can claim for business trav...

Read More »
6/6/2023
FASB votes to exempt private companies from disaggregation of income statement project Image
FASB votes to exempt private companies from disaggregation of income statement project

As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB&rsqu...

Read More »
6/1/2023
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses Image
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

Keeping careful business records for meal and vehicle expenses can safeguard your tax deductions. Here are some DOs a...

Read More »
5/30/2023
Achieving the right balance of working capital Image
Achieving the right balance of working capital

Do you know the three keys to lowering your company’s working capital requirements?

Read More »
5/25/2023
The IRS has just announced 2024 amounts for Health Savings Accounts Image
The IRS has just announced 2024 amounts for Health Savings Accounts

Does your business provide Health Savings Accounts (HSAs) to employees? The IRS has announced the inflation-adjusted ...

Read More »
5/23/2023
If you’re hiring independent contractors, make sure they’re properly handled Image
If you’re hiring independent contractors, make sure they’re properly handled

These days, many businesses are filling vacant positions and saving money by using independent contractors. Here are ...

Read More »
5/16/2023
How to use QuickBooks as a fraud detection tool Image
How to use QuickBooks as a fraud detection tool

Many organizations use QuickBooks for everyday accounting tasks. But did you know that this software can also functio...

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5/11/2023
Use the tax code to make business losses less painful Image
Use the tax code to make business losses less painful

You may have a net operating loss for your business if your deductions for the year are more than your income for the...

Read More »
5/9/2023
Reporting non-GAAP measures Image
Reporting non-GAAP measures

Non-GAAP metrics can sometimes mislead investors! That’s why some stakeholders want a formal definition of EBIT...

Read More »
5/4/2023
Education benefits help attract, retain and motivate your employees Image
Education benefits help attract, retain and motivate your employees

An educational assistance program can be a win-win. Employees value the perk and employers can benefit from a more ed...

Read More »
5/2/2023
The tax advantages of hiring your child this summer Image
The tax advantages of hiring your child this summer

Thinking about hiring your high-school or college-age child to work in your business? You could reap significant tax ...

Read More »
4/27/2023
4 ways corporate business owners can help ensure their compensation is “reasonable” Image
4 ways corporate business owners can help ensure their compensation is “reasonable”

C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.&rdqu...

Read More »
4/25/2023
Take advantage of the rehabilitation tax credit when altering or adding to business space Image
Take advantage of the rehabilitation tax credit when altering or adding to business space

The federal tax code encourages businesses to invest in historic buildings with a tax credit. Here are the rules.

Read More »
4/18/2023
Retirement saving options for your small business: Keep it simple Image
Retirement saving options for your small business: Keep it simple

If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrativ...

Read More »
4/11/2023
How to get more from your company’s income statement Image
How to get more from your company’s income statement

Financial reporting is more than an exercise in compliance. Proactive owners and managers view their income statement...

Read More »
4/6/2023
Going green could save greenbacks and more Image
Going green could save greenbacks and more

Has the start of spring piqued your interest in green business practices? Eco-friendly initiatives can be good for th...

Read More »
4/4/2023
President Biden’s proposed budget includes notable tax provisions Image
President Biden’s proposed budget includes notable tax provisions

Here’s a rundown of the business and individual tax provisions included in President Biden’s recently rel...

Read More »
3/30/2023
Choosing an entity for your business? How about an S corporation? Image
Choosing an entity for your business? How about an S corporation?

There are several choices of entities for a new business venture. What about an S corporation? Here are the advantage...

Read More »
3/28/2023
2023 Q2 tax calendar: Key deadlines for businesses and employers Image
2023 Q2 tax calendar: Key deadlines for businesses and employers

Does this year’s April 18 filing deadline apply to your business? What additional tax deadlines are there for b...

Read More »
3/21/2023
Close-up on sources of substantive audit evidence Image
Close-up on sources of substantive audit evidence

What types of information and procedures do auditors use to verify account balances and transactions? Anticipating do...

Read More »
3/16/2023
Changes in Sec. 174 make it a good time to review the R&E strategy of your business Image
Changes in Sec. 174 make it a good time to review the R&E strategy of your business

A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here&...

Read More »
3/14/2023
Protect the “ordinary and necessary” advertising expenses of your business Image
Protect the “ordinary and necessary” advertising expenses of your business

How does a business know if advertising and marketing expenses are “ordinary and necessary” so they can b...

Read More »
3/7/2023
Reading the tea leaves: Potential tax legislation in the new Congress Image
Reading the tea leaves: Potential tax legislation in the new Congress

With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legisl...

Read More »
2/28/2023
Coming soon: 5 accounting rules that take effect in 2023 Image
Coming soon: 5 accounting rules that take effect in 2023

Is your business ready to implement these upcoming accounting rule changes?

Read More »
2/23/2023
Do you run a business from home? You may be able to deduct home office expenses Image
Do you run a business from home? You may be able to deduct home office expenses

If you’re a business owner who works from home, you may be able to save tax with home office deductions. Here a...

Read More »
2/21/2023
Key tax issues in M&A transactions Image
Key tax issues in M&A transactions

Pay attention to taxes if you’re buying or selling a business. After a transaction is complete, it may be too l...

Read More »
2/14/2023
Common accounting pitfalls for startups to avoid Image
Common accounting pitfalls for startups to avoid

Entrepreneurs often invest blood, sweat and tears to start new businesses. But few are experts in financial reporting...

Read More »
2/9/2023
Many tax limits affecting businesses have increased for 2023 Image
Many tax limits affecting businesses have increased for 2023

For 2023, high inflation has increased the adjustments the IRS makes annually to certain tax provisions. Here’s...

Read More »
2/2/2023
PTET and Virginia Government Contractors Image
PTET and Virginia Government Contractors

For the 2022 tax year, Virginia joined the growing list of states which now allow a qualifying pass-through entity (&...

Read More »
2/2/2023
2023 tax calendar Image
2023 tax calendar

Reference this tax calendar to learn the 2023 deadlines for various tax-related forms and payments.

Read More »
1/26/2023
Forms W-2 and 1099-NEC are due to be filed soon Image
Forms W-2 and 1099-NEC are due to be filed soon

January 31 is an important deadline for businesses with hired workers. Here’s what’s due.

Read More »
1/24/2023
The standard business mileage rate is going up in 2023 Image
The standard business mileage rate is going up in 2023

The price of gas is lower than it was a year ago. How does this affect the amount your business can deduct for busine...

Read More »
1/19/2023
How the new SECURE 2.0 law may affect your business Image
How the new SECURE 2.0 law may affect your business

You’ve probably heard about the new SECURE 2.0 law. Here’s what it might mean for your business.

Read More »
1/17/2023
Pick the right accounting method for your business Image
Pick the right accounting method for your business

Has your accounting method kept up with your financial needs? It periodically makes sense to evaluate how you’r...

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1/12/2023
Employers should be wary of ERC claims that are too good to be true Image
Employers should be wary of ERC claims that are too good to be true

Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? It might be possible...

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1/10/2023
How to minimize the S corporation LIFO recapture tax Image
How to minimize the S corporation LIFO recapture tax

Converting from C corporation to S corporation status could trigger unexpected tax if you use the last in, first out ...

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1/1/2023
2023 Q1 tax calendar: Key deadlines for businesses and other employers Image
2023 Q1 tax calendar: Key deadlines for businesses and other employers

Businesses face a variety of tax-related deadlines in the first quarter of 2023. Here are some of them.

Read More »
12/20/2022
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify? Image
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

Owners of pass-through businesses may be able to save tax with the valuable QBI deduction by taking certain steps at ...

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12/15/2022
Choosing a business entity? Here are the pros and cons of a C corporation Image
Choosing a business entity? Here are the pros and cons of a C corporation

If you’re starting a new business, you may wonder if you should operate as a C corporation, an S corporation or...

Read More »
12/8/2022
Intangible assets: How must the costs incurred be capitalized? Image
Intangible assets: How must the costs incurred be capitalized?

Any transaction your business engages in involving intangible assets and their related costs should be analyzed to de...

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12/1/2022
Is your business closing? Here are your final tax responsibilities Image
Is your business closing? Here are your final tax responsibilities

If your business is closing its doors, taxes may be the last thing on your mind. But there are a number of tax obliga...

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11/22/2022
New accounting rules for supplier finance programs Image
New accounting rules for supplier finance programs

Newly issued rules on how to report supplier finance programs will provide critical information on the financial heal...

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11/17/2022
Computer software costs: How does your business deduct them? Image
Computer software costs: How does your business deduct them?

The tax treatment of computer software costs can be more complicated than you might think. Here are the basic rules.<...

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11/15/2022
5 steps to take now to cut your 2022 tax liability Image
5 steps to take now to cut your 2022 tax liability

Are you interested in reducing your 2022 tax liability? There’s still time to take these year-end tax planning ...

Read More »
11/10/2022
2023 limits for businesses that have HSAs — or want to establish them Image
2023 limits for businesses that have HSAs — or want to establish them

Do you have a Health Savings Account at your business? Or are you interested in establishing one? Here are the contri...

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11/8/2022
Inflation means you and your employees can save more for retirement in 2023 Image
Inflation means you and your employees can save more for retirement in 2023

The tax-advantaged retirement plan contribution amounts will be much higher next year than they’ve been in rece...

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11/3/2022
Inflation Reduction Act expands deductions for energy-efficient construction Image
Inflation Reduction Act expands deductions for energy-efficient construction

Can you benefit from the Inflation Reduction Act’s expansion of two tax incentives for energy-efficient constru...

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10/27/2022
Employers: In 2023, the Social Security wage base is going up Image
Employers: In 2023, the Social Security wage base is going up

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a ce...

Read More »
10/25/2022
Providing fringe benefits to employees with no tax strings attached Image
Providing fringe benefits to employees with no tax strings attached

Your business may provide low or no-cost tax-free fringe benefits to employees. Here are the details of these benefit...

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10/20/2022
FASB proposes last-minute changes to lease accounting rules Image
FASB proposes last-minute changes to lease accounting rules

New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases contin...

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10/13/2022
What local transportation costs can your business deduct? Image
What local transportation costs can your business deduct?

The price of gas is going up again in some parts of the country. That may affect the tax deductions for local transpo...

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10/11/2022
Worried about an IRS audit? Prepare in advance Image
Worried about an IRS audit? Prepare in advance

Getting contacted by the IRS and told your tax return is being audited may cause business owners to panic. But you'll...

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10/4/2022
Inflation Reduction Act expands valuable R&D payroll tax credit Image
Inflation Reduction Act expands valuable R&D payroll tax credit

The Inflation Reduction Act expands the R&D payroll tax credit for eligible small businesses for tax years beginn...

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9/29/2022
Work Opportunity Tax Credit provides help to employers Image
Work Opportunity Tax Credit provides help to employers

Many small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Cre...

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9/27/2022
2022 Q4 tax calendar: Key deadlines for businesses and other employers Image
2022 Q4 tax calendar: Key deadlines for businesses and other employers

It’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think ...

Read More »
9/22/2022
IRS offers penalty relief for 2019, 2020 tax years Image
IRS offers penalty relief for 2019, 2020 tax years

The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late...

Read More »
9/15/2022
Separating your business from its real estate Image
Separating your business from its real estate

Separating the ownership of a business’s real estate from the business isn’t always advisable. But it mig...

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9/13/2022
Is your current bad debt allowance reasonable? Image
Is your current bad debt allowance reasonable?

A recent survey of audit partners found that 40% were uncertain about the outlook for their primary industries. In li...

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9/8/2022
Year-end tax planning ideas for your small business Image
Year-end tax planning ideas for your small business

Before you know it, the end of 2022 will be near. Here are some year-end moves to consider that may help your small b...

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9/6/2022
Inflation Reduction Act provisions of interest to small businesses Image
Inflation Reduction Act provisions of interest to small businesses

The new Inflation Reduction Act provides small businesses with an incentive to increase their investments in research...

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9/2/2022
New law puts “book income” in the crosshairs Image
New law puts “book income” in the crosshairs

Could the Inflation Reduction Act have unintended financial reporting consequences? Many accounting professionals are...

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8/30/2022
Contingent liabilities: To report or not to report? Image
Contingent liabilities: To report or not to report?

Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting cont...

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8/25/2022
Self-employed? Build a nest egg with a solo 401(k) plan Image
Self-employed? Build a nest egg with a solo 401(k) plan

If you run a one-person small business, you might be able to build a bigger retirement nest egg with a solo 401(k) pl...

Read More »
8/23/2022
How do taxes factor into an M&A transaction? Image
How do taxes factor into an M&A transaction?

Buying or selling a business may be the most critical transaction you ever make. If your business is considering merg...

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8/18/2022
Why an LLC might be the best choice of entity for your business Image
Why an LLC might be the best choice of entity for your business

A limited liability company can give you corporate-like protection from creditors while providing the benefits of tax...

Read More »
8/16/2022
Is your corporation eligible for the dividends-received deduction? Image
Is your corporation eligible for the dividends-received deduction?

The “dividends-received deduction” may take some of the bite out of a C corporation’s tax bill. Her...

Read More »
8/11/2022
Is your business required to report employee health coverage? Image
Is your business required to report employee health coverage?

Form 1095-C is filed with the IRS and provided to employees of “applicable large employers” who are full-...

Read More »
8/9/2022
How to Treat Business Website Costs for Tax Purposes Image
How to Treat Business Website Costs for Tax Purposes

How do you handle the costs involved in developing your business website for tax purposes? Here are the general rules...

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8/4/2022
Tax Issues to Assess When Converting From a C Corporation to an S Corporation Image
Tax Issues to Assess When Converting From a C Corporation to an S Corporation

If your business operates as a C corporation, you may save tax by becoming an S corporation. Here’s a rundown o...

Read More »
8/2/2022
Businesses: Act now to make the most out of bonus depreciation Image
Businesses: Act now to make the most out of bonus depreciation

If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax...

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7/28/2022
Three Tax Breaks for Small Businesses Image
Three Tax Breaks for Small Businesses

You don’t have to be a large business to benefit from tax breaks. Here are 3 ways that eligible small businesse...

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7/26/2022
Important Considerations When Engaging in a Like-Kind Exchange Image
Important Considerations When Engaging in a Like-Kind Exchange

Interested in a “like-kind” exchange of real property? Here are the basic rules.

Read More »
7/22/2022
Standard Business Mileage Rate Will Increase for the Second Half of 2022 Image
Standard Business Mileage Rate Will Increase for the Second Half of 2022

Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driv...

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6/15/2022
FY 2021 Incurred Cost Submissions Bring New Challenges

With 2021 in the rear-view mirror, it’s once again time for calendar year-end government contractors to start t...

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2/18/2022
How to Forecast Smarter Image
How to Forecast Smarter

Start the year off right with reliable financial forecasts. Here are five questions to guide you through the process....

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1/18/2022
Will the standard business mileage rate go up in 2022? Yes! Image
Will the standard business mileage rate go up in 2022? Yes!

The price of gas is up about $1 a gallon from a year ago. How does this affect the amount your business can deduct fo...

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1/10/2022
KPIs: What Are They, and Which Ones Count? Image
KPIs: What Are They, and Which Ones Count?

What are the keys to your company’s success? Read on to help unlock the answer.

Read More »
1/5/2022
2022 Q1 tax calendar: Key Deadlines for Businesses and Other Employers Image
2022 Q1 tax calendar: Key Deadlines for Businesses and Other Employers

Businesses face a variety of tax-related deadlines in the first quarter of 2022. Here are some of them.

Read More »
12/23/2021
Rolling Forecasts Provide Flexibility in Uncertain Times Image
Rolling Forecasts Provide Flexibility in Uncertain Times

Has your business forecast its goals for next year? The pandemic has shed light on the shortcomings of static year-en...

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12/21/2021
Providing a Company Car? Here’s How Taxes are Handled Image
Providing a Company Car? Here’s How Taxes are Handled

Providing a company car to executives at your business is a prized perk. Here are the basic tax rules involved in thi...

The Tax Implications of Owning a Corporate Aircraft Image
The Tax Implications of Owning a Corporate Aircraft

Ever wonder how much of a tax break you’d get if you bought a private plane for your business? Here are the bas...

Read More »
12/9/2021
Small Businesses: There Still May Be Time to Cut Your 2021 Taxes Image
Small Businesses: There Still May Be Time to Cut Your 2021 Taxes

There may be ways your small business can save on 2021 taxes. But you must act before Dec. 31.

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12/3/2021
U.S. House Passes the Build Back Better Act Image
U.S. House Passes the Build Back Better Act

The Build Back Better Act is one step closer to becoming law as it passes the U.S. House.

Read More »
11/29/2021
Infrastructure Law sunsets Employee Retention Credit early Image
Infrastructure Law sunsets Employee Retention Credit early

The sun has set on the valuable Employee Retention Credit. Here’s what happened.

Read More »
11/29/2021
Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties Image
Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties

Is your business giving holiday gifts to employees or customers this year? Or are you throwing a holiday party? Here ...

Read More »
11/18/2021
Many Factors Are Involved When Choosing a Business Entity Image
Many Factors Are Involved When Choosing a Business Entity

There are many factors to consider when choosing a business entity. Here are just a few.

Read More »
11/11/2021
Potential Tax Law Changes Hang Over Year-End Tax Planning for Individuals Image
Potential Tax Law Changes Hang Over Year-End Tax Planning for Individuals

If you’re concerned about your 2021 tax liability, consider these year-end tax planning strategies.

Read More »
11/10/2021
The Infrastructure Investment and Jobs Act Includes Tax-Related Provisions You’ll Want to Know About Image
The Infrastructure Investment and Jobs Act Includes Tax-Related Provisions You’ll Want to Know About

Congress has passed the Infrastructure Investment and Jobs Act. Find out what tax-related provisions have been built ...

Read More »
11/10/2021
Businesses Must Navigate Year-End Tax Planning With New Tax Laws Potentially on the Horizon Image
Businesses Must Navigate Year-End Tax Planning With New Tax Laws Potentially on the Horizon

Allocating year-end tax planning time now can prove beneficial come tax filing time next year.

Read More »
11/10/2021
Would You Like to Establish a Health Savings Account for Your Small Business? Image
Would You Like to Establish a Health Savings Account for Your Small Business?

Looking for a flexible, tax-advantaged option for providing health care coverage at your business? Consider a Health ...

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11/3/2021
How Time Can Affect Planning Success Image
How Time Can Affect Planning Success

When it comes to business planning, time plays a large part in long-term success. 

Read More »
11/3/2021
The Social Security Wage Base Is Increasing in 2022 Image
The Social Security Wage Base Is Increasing in 2022

Business owners and their employees don’t have to pay Social Security tax on all their wages. Amounts above a c...

Read More »
10/28/2021
Protecting Yourself Against Employee Risk Image
Protecting Yourself Against Employee Risk

Reducing employee risk plays a vital part in planning your business's future success and growth for the company....

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10/20/2021
Debate Continues in Congress Over Proposed Tax Changes Image
Debate Continues in Congress Over Proposed Tax Changes

The fate of the Build Back Better Act and the Bipartisan Infrastructure Bill remains uncertain as Congress continues ...

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10/14/2021
Why Communication Is Essential to Successful Planning Image
Why Communication Is Essential to Successful Planning

Let's talk about the importance of communicating your business plans to those who can help you achieve them.

...

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10/6/2021
M&A Transactions: Be Careful When Reporting to the IRS Image
M&A Transactions: Be Careful When Reporting to the IRS

Have you bought or sold business assets in an M&A deal in 2021 or are in the process of a transaction? If so, you...

Read More »
9/30/2021
Tax Depreciation Rules for Business Automobiles Image
Tax Depreciation Rules for Business Automobiles

Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rule...

Read More »
9/23/2021
What’s the Point of Asset Protection? Image
What’s the Point of Asset Protection?

As a successful business owner, it's essential to know the reason behind why you're protecting your business and...

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9/22/2021
Disasters and Your Taxes: What You Need to Know Image
Disasters and Your Taxes: What You Need to Know

Have you been affected by one of the many natural disasters that have occurred this year? Tax relief may be available...

Read More »
9/20/2021
Claiming a Theft Loss Deduction if Your Business Is the Victim of Embezzlement Image
Claiming a Theft Loss Deduction if Your Business Is the Victim of Embezzlement

If your business is victimized by theft, embezzlement or internal fraud, you may be able to claim a tax deduction for...

Read More »
9/10/2021
How Your Employees’ Motivations Can Affect Your Business Planning Image
How Your Employees’ Motivations Can Affect Your Business Planning

Creating incentives for key employees to support your business long-term can be a great benefit to planning the futur...

Read More »
9/8/2021
Want to Find Out What IRS Auditors Know About Your Business Industry? Image
Want to Find Out What IRS Auditors Know About Your Business Industry?

If you own or operate a business, you may not know that the IRS has “Audit Techniques Guides” for certain...

Read More »
9/2/2021
Getting a Divorce? Be Aware of Tax Implications if You Own a Business Image
Getting a Divorce? Be Aware of Tax Implications if You Own a Business

Divorce may have tax implications for the spouses involved, especially if one or both of them owns a business. Here a...

Read More »
8/26/2021
Possible Tax Consequences of Guaranteeing a Loan to Your Corporation Image
Possible Tax Consequences of Guaranteeing a Loan to Your Corporation

If your corporation defaults on a loan that you guarantee, you don’t want to be blindsided by the tax implicati...

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8/19/2021
Strength From Within: How Preparing Employees for Ownership Can Strengthen Your Business Image
Strength From Within: How Preparing Employees for Ownership Can Strengthen Your Business

When determining the future of your business, preparing key employees for a potential stake in ownership can position...

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8/17/2021
Large Cash Transactions With Your Business Must Be Reported to the IRS Image
Large Cash Transactions With Your Business Must Be Reported to the IRS

Certain types of businesses receive large payments of cash. They may be required to report the transactions to the IR...

Read More »
8/12/2021
Is an LLC the right choice for your small business? Image
Is an LLC the right choice for your small business?

There are several options for operating your small business. For example, a sole proprietorship, an S corporation or ...

Read More »
8/5/2021
Connecting Your Personal Financial Plan and Business Continuity Plan Image
Connecting Your Personal Financial Plan and Business Continuity Plan

Most business owners have a personal financial plan, but let's talk about why connecting that with a business continu...

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8/4/2021
The deductibility of corporate expenses covered by officers or shareholders Image
The deductibility of corporate expenses covered by officers or shareholders

If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the bus...

Read More »
7/29/2021
PPP Forgiveness and Repayment: What Businesses Need to Know Now Image
PPP Forgiveness and Repayment: What Businesses Need to Know Now

If you received a PPP loan, important forgiveness deadlines are approaching. Are you ready?

Read More »
7/23/2021
Getting a New Business off the Ground: How Start-up Expenses Are Handled on Your Tax Return Image
Getting a New Business off the Ground: How Start-up Expenses Are Handled on Your Tax Return

Business applications have increased over the past year, according to the U.S. Census Bureau. If you’re launchi...

Read More »
7/22/2021
Are You Protecting Your Most Valuable Assets? Image
Are You Protecting Your Most Valuable Assets?

With a successful business comes the constant threat of competitors. Let's evaluate what your company's assets are an...

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7/21/2021
CMMC Webinar FAQ Image
CMMC Webinar FAQ

We recently held a webinar in partnership with Keiter, CPAs in reference to Understanding and Preparing for the CMMC....

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7/20/2021
Understand and Preparing for the CMMC Slides Image
Understand and Preparing for the CMMC Slides

Slides from webinar in partnership with Keiter CPAs regarding Understanding and Preparing for the CMMC.

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7/20/2021
Who In Small Business Can Be Hit With The “Trust Fund Recovery Penalty?” Image
Who In Small Business Can Be Hit With The “Trust Fund Recovery Penalty?”

The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally ...

Read More »
7/15/2021
10 Facts About the Pass-through Deduction for Qualified Business Income Image
10 Facts About the Pass-through Deduction for Qualified Business Income

Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. He...

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7/8/2021
How Agility Can Affect Your Company’s Future Image
How Agility Can Affect Your Company’s Future

Let's take a look at just why agility is such an important skill for business owners to acquire and apply to their bu...

Read More »
7/7/2021
Eligible Businesses: Claim the Employee Retention Tax Credit Image
Eligible Businesses: Claim the Employee Retention Tax Credit

If your business hasn’t already claimed the Employee Retention Tax Credit, you should check out if you’re...

Read More »
7/1/2021
Here Come the Child Tax Credit Payments: What You Need to Know Image
Here Come the Child Tax Credit Payments: What You Need to Know

If you have children age 17 or under, it’s critical to understand the recent changes made to the child tax cred...

Read More »
6/30/2021
Important Changes to the Child Tax Credit Image
Important Changes to the Child Tax Credit

As part of the American Rescue Plan Act enacted in March, significant changes were made to the child tax credit that ...

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6/25/2021
Traveling For Business Again? What Can You Deduct? Image
Traveling For Business Again? What Can You Deduct?

On the road again for business? Here’s a rundown of costs you can deduct for business travel.

Read More »
6/24/2021
Understanding and Preparing for the CMMC Image
Understanding and Preparing for the CMMC

Join us for an upcoming webinar hosted in partnership with Keiter CPAs.

2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers Image
2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Although you might want to enjoy the lazy days of summer, employers and businesses should be careful not to miss thes...

Read More »
6/17/2021
Retaining Key Employees: One Size Doesn’t Fit All Image
Retaining Key Employees: One Size Doesn’t Fit All

A company's key employees play an essential role in maintaining business success. So, what can you do in order to kee...

Read More »
6/16/2021
Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses Image
Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses

"Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses" | Keeping meticulous business record...

Read More »
6/10/2021
Hiring Your Minor Children This Summer? Reap Tax and Nontax Benefits Image
Hiring Your Minor Children This Summer? Reap Tax and Nontax Benefits

Are you a business owner with teenage or college-age children who constantly need cash? You may want to hire them to ...

Read More »
6/3/2021
Guiding Your Wealth to Where You Want It to Go Image
Guiding Your Wealth to Where You Want It to Go

You may know where you want your money to go when you die, but let's take a look at how to plan and strategize your w...

Read More »
6/2/2021
The IRS has Announced 2022 Amounts for Health Savings Accounts Image
The IRS has Announced 2022 Amounts for Health Savings Accounts

Businesses that provide Health Savings Accounts to employees know they have a variety of benefits. Here are a few of ...

Read More »
5/27/2021
5 Ways to Address Deal Killers Before They Kill Your Deal Image
5 Ways to Address Deal Killers Before They Kill Your Deal

When setting your business up for success, it's important to be able to identify deals that may hurt your company's f...

Read More »
5/25/2021
Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees Image
Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here...

Read More »
5/13/2021
The Biden Administration Proposes Far-Reaching Tax Overhaul Image
The Biden Administration Proposes Far-Reaching Tax Overhaul

If you’re trying to keep straight all of the tax proposals the Biden administration has recently announced, her...

Read More »
5/7/2021
Providing Education Assistance to Employees? Follow These Rules Image
Providing Education Assistance to Employees? Follow These Rules

Some employers offer educational assistance plans as a recruitment and retention tool. Here are the rules to help ens...

Read More »
5/6/2021
Updated Guidance for Impairment Testing: When to Consider Triggering Events Image
Updated Guidance for Impairment Testing: When to Consider Triggering Events

Many small entities suffered major losses during the pandemic. Here’s welcome relief from the FASB for private ...

Read More »
5/4/2021
President Biden details his tax proposals for individuals Image
President Biden details his tax proposals for individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an...

Read More »
4/30/2021
Claiming the Business Energy Credit for Using Alternative Energy Image
Claiming the Business Energy Credit for Using Alternative Energy

There’s a great deal of interest in alternative energy technologies today. If your business invests in certain ...

Read More »
4/29/2021
5 Aspects of Strong Goals and the Consequences of Missing Them Image
5 Aspects of Strong Goals and the Consequences of Missing Them

Setting goals is an important part of business planning. In order to set strong goals for your business, let's take a...

Read More »
4/21/2021
Tax Advantages of Hiring Your Child at Your Small Business Image
Tax Advantages of Hiring Your Child at Your Small Business

Thinking about hiring your teenager to work in your business? There can be significant tax benefits.

Read More »
4/8/2021
There’s More to Business Than Money: Values-Based Goals Image
There’s More to Business Than Money: Values-Based Goals

Money is only one part of what makes a business owner successful. Value-based goals are just as vital to running a bu...

Read More »
4/7/2021
PPP Application Deadline Extended Image
PPP Application Deadline Extended

Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the...

Read More »
4/1/2021
Extended tax filing deadline provides relief to individual taxpayers and the IRS Image
Extended tax filing deadline provides relief to individual taxpayers and the IRS

The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended f...

Read More »
3/24/2021
Making the most of the Employee Retention Credit Image
Making the most of the Employee Retention Credit

The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during ...

Read More »
3/19/2021
The Magic Behind Writing Your Plans Down Image
The Magic Behind Writing Your Plans Down

Business owners put years, if not decades, into planning the success of their business. However, rarely do they have ...

Read More »
3/17/2021
The American Rescue Plan Act: Additional Information Image
The American Rescue Plan Act: Additional Information

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The...

Read More »
3/17/2021
Assessing and Mitigating Key Person Risks Image
Assessing and Mitigating Key Person Risks

Is the success of your business tied to certain “key” people? Many startups, professional service firms a...

Read More »
3/16/2021
If You Run a Business From Home, You Could Qualify for Home Office Deductions Image
If You Run a Business From Home, You Could Qualify for Home Office Deductions

Business owners may be able to save tax with home office deductions. If you’re working from home (like lots of ...

Read More »
3/11/2021
The American Rescue Plan Act was signed: What's in it for you? Image
The American Rescue Plan Act was signed: What's in it for you?

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic th...

Read More »
3/11/2021
New Law Provides Option to Delay Implementing the Updated CECL Standard Image
New Law Provides Option to Delay Implementing the Updated CECL Standard

The current expected credit loss (CECL) standard has been delayed again. Under the recently enacted COVID-19 economic...

Read More »
3/9/2021
What Are the Tax Implications of Buying or Selling a Business? Image
What Are the Tax Implications of Buying or Selling a Business?

Buying or selling a business may be the largest transaction you’ll ever make. Pay attention to taxes. After a d...

Read More »
3/4/2021
Walk Before You Run: Phased Planning Image
Walk Before You Run: Phased Planning

It's important for business owners to plan for a successful future without their business. Here's the story...

Read More »
3/3/2021
Don’t Make Decisions Without Data Analytics Image
Don’t Make Decisions Without Data Analytics

Data analytics can help your nonprofit validate trends, uncover root causes and improve transparency. But before you ...

Read More »
3/2/2021
Many Tax Amounts Affecting Businesses Have Increased for 2021 Image
Many Tax Amounts Affecting Businesses Have Increased for 2021

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they co...

Read More »
2/25/2021
Red Flags of Deadbeat Debtors Image
Red Flags of Deadbeat Debtors

Do you know the warning signs of delinquent payments? Being proactive helps protect your cash flow and profits.

Read More »
2/24/2021
Nonprofits: Get the Word Out In 2021 Image
Nonprofits: Get the Word Out In 2021

It’s not enough to maintain your current supporter base. You also need to grow it. Here are five tips for attra...

Read More »
2/23/2021
The Cents-per-Mile Rate for Business Miles Decreases Again for 2021 Image
The Cents-per-Mile Rate for Business Miles Decreases Again for 2021

The price of gas is down from a year ago. How does this affect the amount your business can deduct for business drivi...

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2/18/2021
How well do your nonprofit’s development and accounting departments communicate? Image
How well do your nonprofit’s development and accounting departments communicate?

Whether your nonprofit has only a handful, or hundreds, of staffers, communication can easily break down. Here’...

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2/17/2021
Poor Planning, Big Problems: The Tale of Tom Poor Image
Poor Planning, Big Problems: The Tale of Tom Poor

Business owners put years of planning and preparation into making their businesses successful. However, have you...

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2/17/2021
The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon Image
The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon

A filing requirement is coming up if your business pays independent contractors or makes other payments.

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2/11/2021
ICFR Assessment and Attestation: Are You In Compliance with the Rules? Image
ICFR Assessment and Attestation: Are You In Compliance with the Rules?

How strong are your company’s internal controls? Public companies must answer this question annually, and priva...

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2/10/2021
PPP Loans Have Reopened: Let’s Review the Tax Consequences Image
PPP Loans Have Reopened: Let’s Review the Tax Consequences

Businesses that have been hit hard by the COVID-19 may be able to obtain help with PPP loans. Here are the basic rule...

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2/4/2021
Change Is OK: How Planning Makes You Focused and Flexible Image
Change Is OK: How Planning Makes You Focused and Flexible

Focused business planning is essential in order to succeed in a world that is constantly changing and encouraging us ...

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2/3/2021
Can Your Business Benefit From the Enhanced Employee Retention Tax Credit? Image
Can Your Business Benefit From the Enhanced Employee Retention Tax Credit?

The Employee Retention Tax Credit rewards employers that can afford to keep workers on the payroll during the COVID-1...

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1/28/2021
New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes Image
New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here ...

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1/21/2021
The Benefits and Challenges of a Third-Party Sale Image
The Benefits and Challenges of a Third-Party Sale

As a business owner, when you go to sell your business, you may be looking at a long list of candidates. One of your ...

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1/20/2021
Valuing Noncash Donations: A Cheat Sheet Image
Valuing Noncash Donations: A Cheat Sheet

Has your nonprofit received a flood of clothing and other noncash property that needs to be valued? These gifts usual...

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1/19/2021
The Right Entity Choice: Should You Convert From a C to an S-Corporation? Image
The Right Entity Choice: Should You Convert From a C to an S-Corporation?

Are you reconsidering the choice of entity for your business? These are several factors to consider when converting f...

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1/14/2021
PPP Borrowers No Longer Prohibited From Receiving Employee Retention Credits Image
PPP Borrowers No Longer Prohibited From Receiving Employee Retention Credits

One of the major provisions of the Consolidated Appropriation Act, 2021 has been the extension and modification of th...

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1/11/2021
Is a Family Transfer Right for Your Business? Image
Is a Family Transfer Right for Your Business?

There are many benefits, as well as challenges, to transferring the ownership of your business to someone in your fam...

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1/6/2021
How to Keep Your Nonprofit's Members in the Fold Image
How to Keep Your Nonprofit's Members in the Fold

Members who are deeply involved with your nonprofit are more likely to stick with it. What other factors promote memb...

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1/5/2021
Put Your Company’s Financial Statements to Work For You Image
Put Your Company’s Financial Statements to Work For You

Here are two ways to get more from your company’s year-end financial statements.

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12/30/2020
Nonprofit Endowments Require Knowledge and Resources Image
Nonprofit Endowments Require Knowledge and Resources

An endowment can help ensure your nonprofit’s long-term survival. But before you establish an endowment or buil...

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12/29/2020
The QBI deduction basics and a year-end tax tip that might help you qualify Image
The QBI deduction basics and a year-end tax tip that might help you qualify

Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end....

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12/23/2020
Year-End SWOT Analysis Can Uncover Risks Image
Year-End SWOT Analysis Can Uncover Risks

A SWOT analysis can a powerful management tool, especially in today’s volatile marketplace.

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12/23/2020
What Have We Learned? Image
What Have We Learned?

This year, many businesses were affected by the pandemic. Here are some things we have learned.

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12/22/2020
PPP Update and New Stimulus Measures Image
PPP Update and New Stimulus Measures

On Monday, December 21, 2020, The U.S. House of Representatives and the Senate passed the Consolidated Appropriations...

Small Businesses: Cash in On Depreciation Tax Savers Image
Small Businesses: Cash in On Depreciation Tax Savers

Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take...

Read More »
12/15/2020
How COVID-19 Could Impact Year-End Inventory Counts Image
How COVID-19 Could Impact Year-End Inventory Counts

It’s almost time for year-end inventory counts. But, if COVID-19 cases are surging in locations where your comp...

Read More »
12/15/2020
Nonprofits: How to Acknowledge Donor Gifts Image
Nonprofits: How to Acknowledge Donor Gifts

Tis the season for donations! Are you properly substantiating contributions with detailed acknowledgment letters to d...

Read More »
12/14/2020
The Importance of S-Corporation Basis and Distribution Elections Image
The Importance of S-Corporation Basis and Distribution Elections

Do you operate your business as an S-Corp? Be aware that several elections are available to you and your shareholders...

Read More »
12/10/2020
Cutoffs: What Counts in 2020 vs. 2021 Image
Cutoffs: What Counts in 2020 vs. 2021

Accounting is time-sensitive. Here’s a primer on cutoffs for reporting revenue and expenses to help companies t...

Read More »
12/9/2020
Nonprofit Boards Must Remain Vigilant as Long as the Crisis Continues Image
Nonprofit Boards Must Remain Vigilant as Long as the Crisis Continues

As long as the pandemic continues, nonprofit boards must be on their toes. Budgets and financial statements, in parti...

Read More »
12/8/2020
Health Savings Accounts For Your Small Business Image
Health Savings Accounts For Your Small Business

Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here...

Read More »
12/3/2020
Keep Your Family Intact with Proper Estate Planning Image
Keep Your Family Intact with Proper Estate Planning

It can be difficult to consider what will happen to your business and your family if you die unexpectedly. This ...

Read More »
12/2/2020
Principles to Guide Your Nonprofit’s Relationship with Donors Image
Principles to Guide Your Nonprofit’s Relationship with Donors

The Donor Bill of Rights still offers solid principles for the care and handling of your nonprofit’s donors. Bu...

Read More »
12/1/2020
Avoiding Conflicts of Interest with Auditors Image
Avoiding Conflicts of Interest with Auditors

Before audit season starts, consider how a conflict of interest could negatively impact your financial statements.

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11/25/2020
New Business? It’s a Good Time to Start a Retirement Plan Image
New Business? It’s a Good Time to Start a Retirement Plan

Entrepreneurs: Don’t ignore saving for retirement. Here are the basics of tax-favored plans to help build your ...

Read More »
11/25/2020
Smart Nonprofit Leaders Know How to Delegate Image
Smart Nonprofit Leaders Know How to Delegate

Good delegation is essential to running your nonprofit efficiently and cost-effectively. Here’s how to choose t...

Read More »
11/24/2020
The 2021
The 2021 "Social Security Wage Base" Is Increasing

Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The SSA ...

Read More »
11/19/2020
Don't Let Your Key Employees Jump Ship Image
Don't Let Your Key Employees Jump Ship

Next-level management teams are the drivers behind building business value, but how can you and your advisors attract...

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11/18/2020
How Much Insurance Does Your Nonprofit Need to Mitigate Risk? Image
How Much Insurance Does Your Nonprofit Need to Mitigate Risk?

Insurance is the cornerstone of your risk management program. Fortunately, it can be affordable because most nonprofi...

Read More »
11/17/2020
Internal Audits Still Matter Image
Internal Audits Still Matter

Internal auditors can provide assurance that a nonprofit’s internal controls are effective at minimizing risk, ...

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11/9/2020
If You Don’t Uncover the Skeletons in Your Closet, Your Buyer Will Image
If You Don’t Uncover the Skeletons in Your Closet, Your Buyer Will

What is due diligence and why is it important when it comes to selling your business? Find out more...

Read More »
11/5/2020
Why Your Nonprofit Must Make Time For Accountability Image
Why Your Nonprofit Must Make Time For Accountability

Nonprofits are obligated to use resources to support their mission and benefit those they serve. Here’s why ins...

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11/3/2020
Year-End Tax Planning for 2021 Image
Year-End Tax Planning for 2021

We asked our tax professionals for a few suggestions on how to get organized and prepare for 2021. Here they are...

Read More »
11/3/2020
Understanding the Passive Activity Loss Rules Image
Understanding the Passive Activity Loss Rules

The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.

Read More »
10/29/2020
Gifts in Kind: New Reporting Requirements for Nonprofits Image
Gifts in Kind: New Reporting Requirements for Nonprofits

Unscrupulous nonprofits sometimes use “gifts in kind” to mislead donors and boost their ratings. New acco...

Read More »
10/28/2020
Candid Communication Can Help Ease Nonprofit Staffers’ Anxiety Image
Candid Communication Can Help Ease Nonprofit Staffers’ Anxiety

Even if your nonprofit is weathering 2020’s multiple storms, your staffers may be anxious. Make sure you’...

Read More »
10/27/2020
The Easiest Way to Survive an IRS Audit is to Get Ready in Advance Image
The Easiest Way to Survive an IRS Audit is to Get Ready in Advance

The more you know about IRS audits, the better you can fare when that letter arrives in the mail. 

Read More »
10/22/2020
Ingredients to Jumpstart the Planning Process Image
Ingredients to Jumpstart the Planning Process

When deciding to exit your business, you will need a proven process in place to ensure you have covered all the bases...

Read More »
10/21/2020
Your Nonprofit May Have a License To Print Money Image
Your Nonprofit May Have a License To Print Money

When licensing arrangements work, both charities and corporate partners can experience significant benefits, includin...

Read More »
10/20/2020
The Tax Rules for Deducting the Computer Software Costs of Your Business Image
The Tax Rules for Deducting the Computer Software Costs of Your Business

The tax rules for treating computer software costs can be complex. Here’s a basic explanation.

Why Face-to-Face Meetings With Your Auditor Are Important Image
Why Face-to-Face Meetings With Your Auditor Are Important

It’s almost audit season for calendar-year entities. Will you be ready to participate in video conferences with...

Read More »
10/14/2020
Should You Reach Out To
Should You Reach Out To "Effective Altruists?"

How do I do the most good with my donation? That’s what a lot of your nonprofit’s donors are asking. Foll...

Read More »
10/13/2020
The Process of Selling Your Business Has Already Begun Image
The Process of Selling Your Business Has Already Begun

Every action you take during the life of your business has an impact on your departure down the road. Learn more ...

Read More »
10/7/2020
Collective Impact Initiatives: All for One and One for All Image
Collective Impact Initiatives: All for One and One for All

Before your nonprofit joins a collective impact initiative, review five typical requirements; it could mean the diffe...

Read More »
10/6/2020
Business Website Costs for Tax Purposes Image
Business Website Costs for Tax Purposes

Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Her...

How to Report COVID-19-Related Debt Restructuring Image
How to Report COVID-19-Related Debt Restructuring

Attention, lenders! COVID-19-related loan modifications may be exempt from the complex accounting rules for troubled ...

Read More »
9/29/2020
What To Do When The Audit Ends Image
What To Do When The Audit Ends

Just because your nonprofit’s financial audit has ended doesn’t mean your work is done. Learn what's next...

Read More »
9/28/2020
2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers Image
2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

With fall's arrival, it’s time for businesses to start thinking about fourth quarter tax deadlines.

Read More »
9/23/2020
On-Time Financial Reporting is Key in Times of Crisis Image
On-Time Financial Reporting is Key in Times of Crisis

Who cares if your financial statements are late? Lenders and investors, that's who. Procrastination may cause them to...

Read More »
9/22/2020
Private Foundations Need Strong Conflict-of-Interest Policies Image
Private Foundations Need Strong Conflict-of-Interest Policies

Even if your private foundation has good intentions, it may not be enough. You need a conflict-of-interest policy to ...

Read More »
9/21/2020
Employers Have Questions and Concerns About Deferring Employees' Social Security Taxes Image
Employers Have Questions and Concerns About Deferring Employees' Social Security Taxes

The IRS has issued guidance to implement the deferral of the employee share of SS tax, but employers still have quest...

Read More »
9/17/2020
Not All Strategies Are Created Equal Image
Not All Strategies Are Created Equal

Know the difference between Succession Planning, Exit Planning and Business Planning and how to best execute each.

Read More »
9/16/2020
Reporting Discontinued Operations Today Image
Reporting Discontinued Operations Today

Many businesses have undergone strategic shifts during the pandemic. Here’s how to determine whether that chang...

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9/15/2020
Financial Dashboards Can Steer Your Nonprofit Towards Financial Success Image
Financial Dashboards Can Steer Your Nonprofit Towards Financial Success

Financial dashboards help nonprofit leaders make decisions by providing clear visualizations of key metrics. Here is ...

Read More »
9/10/2020
5 Key Points About Bonus Depreciation Image
5 Key Points About Bonus Depreciation

Depreciating assets involves a complex area of tax law; here’s a rundown:

Read More »
9/9/2020
Find Your Best Path to the Future Image
Find Your Best Path to the Future

Follow these steps to develop a clear picture of how to transition your business to the successor you choose. 

Read More »
9/3/2020
Employee Social Security Payroll Tax Deferrals Begin Image
Employee Social Security Payroll Tax Deferrals Begin

Employee Social Security Payroll Tax Deferrals Begin Amid Continued Questions

Read More »
9/2/2020
Levels of Assurance: Choosing the Right Option for Your Business Today Image
Levels of Assurance: Choosing the Right Option for Your Business Today

Here are some key factors to consider when evaluating your company’s current level of assurance.

Read More »
8/31/2020
3 Steps to
3 Steps to "Stress Test" Your Business

Under stress? Here’s how you can spot vulnerabilities and prevent your business from being blindsided in crisis...

Read More »
8/27/2020
Should Your Nonprofit Accept That New Grant? Image
Should Your Nonprofit Accept That New Grant?

Government or foundation grants can help your nonprofit, but they could hamstring your organization. Learn more....

Read More »
8/26/2020
The Possible Tax Consequences of PPP Loans Image
The Possible Tax Consequences of PPP Loans

If your business received a PPP Loan, you should be aware of the potential tax implications.

Read More »
8/20/2020
Funding a Sale to “Insiders” Image
Funding a Sale to “Insiders”

Business owners often consider “insiders” as viable successors. Can this be a fatal flaw in planning...

Read More »
8/19/2020
How to Codify Your Nonprofit's Ethics Image
How to Codify Your Nonprofit's Ethics

Nonprofits that enforce a "code of ethical conduct" are associated with 50% lower fraud losses. Get started here...

Read More »
8/18/2020
Forecasting Financial Results for a Start-Up Business Image
Forecasting Financial Results for a Start-Up Business

Today’s markets are unpredictable, but changing conditions can open new business opportunities.

Read More »
8/13/2020
File Cash Transaction Reports for Your Business - On Paper or Electronically Image
File Cash Transaction Reports for Your Business - On Paper or Electronically

If your business receives large cash or cash equivalent payments, you may have to report them to the IRS. 

Read More »
8/12/2020
Financial Reporting for Nonprofits That Have Teamed Up Image
Financial Reporting for Nonprofits That Have Teamed Up

Nonprofits: here’s what you need to know if you’ve recently joined forces with another entity.

Read More »
8/11/2020
PPP Update August 6, 2020: SBA Releases PPP Loan Forgiveness FAQs Image
PPP Update August 6, 2020: SBA Releases PPP Loan Forgiveness FAQs

The SBA just released a new round of FAQs targeted at providing guidance for PPP loan forgiveness. Find out more.

Read More »
8/6/2020
Rethinking Cash Flow Image
Rethinking Cash Flow

Since you can’t escape the impact of cash flow, you might as well take it head on, right?

Read More »
8/6/2020
Reporting CAMs in the COVID-19 Era Image
Reporting CAMs in the COVID-19 Era

How the pandemic could add a new layer of complexity to the new-and-improved auditor’s report. 

Read More »
8/3/2020
Why Do Partners Sometimes Report More Income on Tax Returns than They Receive in Cash? Image
Why Do Partners Sometimes Report More Income on Tax Returns than They Receive in Cash?

In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships....

Read More »
7/30/2020
Drive Success with Dashboard Reports Image
Drive Success with Dashboard Reports

Is your business running like a fine-tuned machine? Dashboard reports can help you quickly recognize problems and eme...

Read More »
7/29/2020
Main Street Lending Program Now Open to Nonprofit Applicants Image
Main Street Lending Program Now Open to Nonprofit Applicants

The Fed’s Main Street Lending Program just opened to nonprofits. Find out whether this program can help you.

Read More »
7/28/2020
Accounting Today Names WEC as One of the Best Accounting Firms to Work for in 2020 Image
Accounting Today Names WEC as One of the Best Accounting Firms to Work for in 2020

We are honored and grateful to be named as one of the 2020 Accounting Today’s Best Accounting Firms to Work for...

Read More »
7/27/2020
Even If No Money Changes Hands, Bartering Is A Taxable Transaction Image
Even If No Money Changes Hands, Bartering Is A Taxable Transaction

Bartering is popular during times of economic downturns, which many businesses are suffering now due to COVID-19...

Read More »
7/23/2020
External Audits Offer Many Benefits to Nonprofits Image
External Audits Offer Many Benefits to Nonprofits

Even if your nonprofit isn’t required to have an external audit, there are many good reasons to obtain this add...

Read More »
7/20/2020
Reporting Embedded Leases Image
Reporting Embedded Leases

Beware: Your supply and service contracts may contain hidden surprises known as “embedded” leases.

Read More »
7/15/2020
Businesses: Get Ready for the New Form 1099-NEC Image
Businesses: Get Ready for the New Form 1099-NEC

A tax form that used to be filed back in the 1980's is coming back for 2020. Here’s what businesses need to kno...

Read More »
7/14/2020
Steer Clear of the Trust Fund Recovery Penalty Image
Steer Clear of the Trust Fund Recovery Penalty

The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and ma...

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7/6/2020
Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill. Image
Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill.

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment ...

Read More »
7/1/2020
Where Transferable Value Comes From

One of the most important elements of a successful business transition is transferable value. No matter what an owner...

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6/18/2020
Rebuilding Your Nonprofit's Board Image
Rebuilding Your Nonprofit's Board

COVID-19 and widespread unemployment have increased difficulties for nonprofits. Is your board up to the challenge?

Read More »
6/17/2020
Challenging Times - Accounting and The CARES Act Image
Challenging Times - Accounting and The CARES Act

As advisors, we are fielding a flood of questions from business owners, CFOs and controllers on how to account for be...

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6/8/2020
Realistic Timelines

Global economic disruption uniquely affects each business.

Growing Business Value When Times are Tough

Growing Business Value When Times are Tough

Importance of Business Intelligence

This article does a nice job of illustrating the importance of business intelligence, i.e., using data to drive decis...

Virtual Recruiting Strategy During COVID-19 Shutdown Image
Virtual Recruiting Strategy During COVID-19 Shutdown

What we are doing to engage our talent pools

Innovations in Technology

We really appreciate Gartner’s view that organizations must understand the business and human impact first, the...

Blockchain Technology - The Latest

Check out Andre Sterley's Video Newsletter.

CARES Act Relief for Government Contractors Image
CARES Act Relief for Government Contractors

The Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27, 2020 to provide econo...

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3/31/2020
COVID-19 Contract Claims and Delays Image
COVID-19 Contract Claims and Delays

Contractors should prepare to navigate through potential contract claims

Read More »
3/30/2020
Consequences of COVID-19 - Financial Reporting Considerations Image
Consequences of COVID-19 - Financial Reporting Considerations

The AICPA released financial reporting considerations related to COVID-19.

CARES Act: Tax Provisions for Businesses Image
CARES Act: Tax Provisions for Businesses

CARES Act - Tax Provisions for Businesses

Coronavirus Tax Relief Links Image
Coronavirus Tax Relief Links

Please refer to the link for IRS updates related to the Coronaviru...

Get Your Final Indirect Cost Proposals Right for Year-End Reporting Image
Get Your Final Indirect Cost Proposals Right for Year-End Reporting

Final Indirect Cost Proposals and Year-End Reporting

As we start a new year, it’s time to “close ...

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1/28/2020
The Tax Implications of a Company Car

What are the benefits of using the company car?

Read More »
11/14/2019
Winston Churchill and the Tax Affecting of Pass-Through Entities

This article is as close as it gets in the valuation world to the “Extra, Extra… Read all about it&...

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8/29/2019
Fairness and Equity Among Family Members Image
Fairness and Equity Among Family Members

Owning a successful business can complicate family relations, especially when it comes to family finances. With ...

Which Door to Take?

Monty Hall and the Discount for Lack of Marketability…

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7/25/2019
“What... is the air-speed velocity of an unladen swallow?”

Monty Python and the Discount for Lack of Marketability

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5/30/2019
United States District Court Strikes Blow Against the Undead!

OK – the subject line of this article is a naked attempt to attract your attention but if you read on you ...

Read More »
4/18/2019
3 Things That Can Build Future Business Value

What can you do to help yourself overcome growth plateaus?

Go Forth and Multiply!

A brief explanation of EBITDA v. SDE in calculating the value of a business

Concrete Data to help with “The Art of the Deal”

Do you have the information you need to negotiate for your business?

Read More »
2/8/2019
Does the Wayfair Decision Affect You?

The criteria and precedent used to determine sales tax liability has changed. Will this change affect your business' ...

Read More »
2/7/2019
SALES AND USE TAX ECONOMIC NEXUS: ANALYSIS OF STATE THRESHOLDS

A brief summary of each state's economic nexus thresholds

Read More »
1/23/2019
How Business Owners Are Approaching Their Futures

Take a moment to consider the long-term future of your business.

The Qualified Business Income Deduction in a Nutshell

The new Qualified Business Income Deduction is one of the more complex proposed changes in the Tax Cuts and Jobs Act,...

Read More »
1/14/2019
How a REIT Can Benefit From a Cost Segregation Study

Many REITs are eligible to implement a tax strategy known as cost segregation. Unfortunately, misinformation has left...

Are Your Business Expenses Deductible Under New Tax Law? Image
Are Your Business Expenses Deductible Under New Tax Law?

The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many ...

Read More »
11/28/2018
Tax Law Changes for Nonprofits

Which parts of the recent tax reform have the greatest impact on not-for-profit organizations?

Read More »
11/7/2018
Prepare For New Lease Accounting

New accounting rules for reporting leases finally goes into effect in 2019 for public companies and 2020 for nonpubli...

Read More »
9/25/2018
Does Your Nonprofit Properly Report Donations?

Your not-for-profit probably already ensures that donors receive a receipt with information about claiming a charitab...

Financial Sustainability and Your Nonprofit

If your not-for-profit relies heavily on a few funding sources — for example, an annual government or foundatio...

"Can’t You See This is The Land of Confusion": Uncertainty and the Tax Cuts and Jobs Act

While it remains the case that the lower corporate tax rates for C corporations increase cash flows and therefore pot...

Read More »
2/3/2018
Collaborating for a Cause: Nonprofit Alliances

Countless nonprofits have partnered up for strength and survival in recent years, but the success of these arrangemen...

THE TAX CUTS AND JOBS ACT: 30 Ways The Act May Affect You And Your Business

A summary of the most widely applicable points of the tax reform passed in December 2017.

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1/19/2018
THE TAX CUTS AND JOBS ACT: Changes to Individual Taxation

Part 1 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017. 

Read More »
1/19/2018
THE TAX CUTS AND JOBS ACT: Changes to Business Taxation

Part 3 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017.

Read More »
1/19/2018
THE TAX CUTS AND JOBS ACT: Changes to Itemized Deductions

Part 2 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017.

Read More »
1/19/2018
Did Singing Auld Lang Syne Increase Company Valuations?

The Impact of New Tax Law on Valuations

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1/13/2018
"Caught between the Scylla and Charybdis": What Sting Knows About Valuing Small Businesses

Sting is one of the more cerebral pop musicians and he clearly is wise to the ways of business valuation practice. So...

How Do I Sell Thee? Let Me Count the Ways

It’s been said that the best time to plant a tree is 20 years ago — or today. The same applies to your bu...

Uniform Guidance Procurement - What is the Effect of the New Requirements?

Under the new requirements of the Uniform Guidance (UG), procurement standards were modified to implement stricter re...

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8/7/2016
What's in a Minute? Keys to Properly Recording Board Minutes

Some people might argue that the keeping of board minutes is the most important job on any board of directors. It&rsq...

Cost Effective Ways to Recognize Employees and Volunteers

During tough budgetary times, you may have to cut expenses across the board, including costly perks, bonuses and rewa...

UBIT: How it Applies to Debt-Financed Property

If a tax-exempt organization engages in a business that is unrelated to its primary purpose, the general rule is that...

Threatening Calls from the IRS Might be a Scam

BEWARE - Taxpayers are receiving telephone calls from people claiming to be from the IRS, but they are not. These con...

EBITDA and Fair Market Value

One of the main differences between the world of real life transactions and the fair market value world is the way th...

Goal of Board: Fiscal Responsibility

Although each board's involvement in its not-for-profit agency's operations varies from situation to situation, all b...

Almost as Riveting as Game of Thrones...

Well, maybe that's a bit of an oversell, but certainly having a greater impact on the pocket book, the battle over ho...

A & A Advisor | June 2015

Accounting for business combinations In accounting and reporting for transactions that represent business combinatio...

When Goodwill has No Value

Recently, I have dealt with a number of issues relating to the valuation of goodwill. One particular case involved a ...

Do You Need a Business Plan for Your Nonprofit?

A business plan is like a road map. It can help you get where you’re going. It also can tell you that it may no...

The Rule of Thump

An article in the Atlantic Monthly refers to the emergence of a new term - the "rule of thump" - based on confusion w...

"It was a Very Good Year" - 1959 Ruling Stands the Test of Time

Channeling Frank Sinatra this month, I turn my attention to Revenue Ruling 59-60. This key valuation document issued ...

Valuation Factors for a Franchise

On the southeast corner of a major, urban intersection is an established privately-held "fast food" hamburger restaur...

Earning Capacity: The Critical Piece of the Puzzle

Where does the value of a business come from? First and foremost, it comes from the ability to generate earnings, its...

Champagne Wishes and the Valuation Issues of the Rich and Famous

The opportunity to gawp at the lifestyles of the rich and famous was a side benefit to taking a look at a dispute ove...

Solid Financial Structure Crucial to Sound Management

A nonprofit's financial management system involves much more than tracking money in and out. Your ability to deliver ...

Ask Clients if Your Nonprofit Is Meeting Its Mission

Your mission is the reason your organization exists. Staff, resources and community support are dedicated to addressi...

757 Angels Inc., Launches

757 Angels Inc., an initiative of Reinvent Hampton Roads, launched last week after more than a year of planning. 757 ...

Why Financial Statement Adjustments Are Made in Valuation Process

Clients are often mystified by the adjustments business valuation analysts make to financial statements when we start...

"I'm a Lumberjack and I'm OK!" - Cash Flows from Timber Apparently Trump the Value of Land

What a great start to 2015 - when a recent case allows me to include a reference to the halcyon days of Monty Python ...

Who Needs to Go to Vegas? Small Business Owners can Gamble for High Stakes from the Comfort of Their Offices!

Many entrepreneurs start a business with other like-minded business people and don’t want to think about what h...

Budget Preparation a Time For Problem Solving

Many nonprofit managers regard budgeting as a necessary evil that must be done to satisfy the board of directors and ...

The Season of Personal Goodwill

The case of Bross Trucking v Commissioner (Tax Ct. Memo LEXIS 109) was not strictly a valuation case but did address ...

Four Reasons Why Already-Dismal IRS Service is about to Get Much Worse

Few, if any, of us enjoy dealing with the IRS. Often polled as America’s most hated federal agency, the agency&...

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11/25/2014
Charitable Donation of a Vehicle

A Brief Overview of Frequently Asked Questions

"It All Depends Upon Your Appetite" - Or More Accurately the Judge's Appetite!

This month's commentary does not feature bottles of red or white (with apologies to Billy Joel) - though other bevera...

A & A Advisor | October 2014

Three accounting alternatives for private companies To provide for accounting alternatives that certain private comp...

Does Your Organization Have Unrelated Business Income?

Even though an organization is recognized as tax-exempt, it still may be liable for tax on its unrelated business tax...

Publication Advertising: What is Taxable?

Many tax-exempt organizations publish magazines or other periodicals that contain editorial material related to the o...

Royalties and Sponsorship Payments: Are They Tax Exempt?

Many tax-exempt organizations allow for-profit entities to use the organization's name or logo to market goods and se...

"Losing My Religion" - An IRS Lament?

A recent tax court case allows me to dig up a reference to an R.E.M. hit single (never my favorite, but, hey, any por...

A & A Advisor | August 2014

Alternatives reduce private company cost of standards compliance  Two accounting alternatives within the U.S. genera...

Microvolunteering: Are Short-Time Assignments More Productive?

Keeping volunteers happy, committed and enthusiastic is a challenging task for most nonprofits.

All too often...

"All You're Ever Gonna be is Mean - But Which One?"

In an effort to be down with the kids, this month's title comes from a Taylor Swift hit single - a big step from my n...

Four Simple Solutions for Reducing Waste

Those of us who operate in the manufacturing and distribution world are familiar with the “Seven Deadly Wastes&...

Inventory Counts - August 2014

Four simple solutions for reducing waste Those of us who operate in the manufacturing and distribution world are fam...

"There Are Three Kinds of Lies: Lies, Damned Lies, and Statistics"

I recalled this bon mot from Mark Twain as I reviewed a recent article from Business Valuation Resources that focused...

State credit programs advantageous for nonprofits and low-income individuals

Board Members of nonprofit organizations - or those responsible for the financial well-being of one - should become f...

Understanding Small Business Certification Image
Understanding Small Business Certification

As companies vie for their share of federal funds in a competitive market, many are weighing the benefits of a small ...

A & A Advisor | June 2014

Definition of "public business entity" brings much needed clarity Currently, multiple definitions of "public busines...

"Let's Start at the Very Beginning" - Do-Re-Me and the Cost of Capital

Sometimes it's just good to channel Maria in the Sound of Music and go back to basics. I recently had a good opportun...

Six Tips to Nip Pilfering in the Bud

If your nonprofit operates a second-hand store, gift shop or other retail venture, you should be on the lookout for t...

Mission Creep: How to Avoid It and Keep New Projects On Target

The first step in organizing a nonprofit is identifying the mission. Keeping an organization true to that mission is ...

"If You Know What I Mean" - Estate of Richmond v. Commissioner, Part the Third

A Neil Diamond song title as this month's hook? What? Who? How? Calm down - all will be revealed at the end of this e...

"Bang Bang" - The Tax Court Shot Him Down...

I never thought I would be minng Cher's back catalog for inspiration for an even more tenuous link for the title to t...

When to File an Estate Return Under New Law

The American Taxpayer Relief Act that became law on Jan. 2, 2013, changed the landscape of when an estate tax return ...

A Giant LEAP for Mankind? Maybe Not, but Some Helpful Data for Valutions

This month we're going to do some finance stuff - be warned, there may even be a formula... As valuation analysts, we...

A & A Advisor - October 2013

Welcome to the October edition of A & A Advisor! In this issue: New Guidance: How to use the liquidation basi...

Waiting in Vain? How Long Does it Take to Sell a Company?

We know that Bob Marley didn't want to wait in vain (in fact he said so repeatedly in the song) - and neither does th...

Inventory Counts - July 2013

Welcome to the July 2013 edition of Inventory Counts! In this issue: Reinstated R&D Credits: Don't miss this ...

Educated Staff Key to Service, Fundraising

Nonprofits have faced a challenging situation during the Great Recession. Contributions have declined for the majorit...

Inventory Counts | May 2013

Welcome to the May 2013 edition of Inventory Counts! In this issue: Your Supply Chain Water Conservation Custo...

A & A Advisor - April 2013

Welcome to the February edition of A & A Advisor! In this issue: Special-Purpose Financial Reporting Framewo...

When You're Asking For Money... Strategies for Making an Effective presentation

If you're in a management role with a nonprofit, chances are you sometimes have to give presentations to groups of in...

How to Build a Strong Board of Directors

If you want the best, most effective, board of directors possible, start with one vital requirement: a commitment to ...

Non-Profit to For-Profit: Some Organizations Are Making the Switch

As a nonprofit organization, you hold coveted IRS tax-exempt status, can accept grants and donations, and enjoy the p...

Free as a Bird Now! Eagle Dilemma Resolved

You may recall that I sent out an e-mail last year highlighting the dispute between the Estate of Ileanna Sonnenband ...

Inventory Counts - March 2013

Welcome to the March 2013 edition of Inventory Counts! In this issue: Pricing Strategies: Are Your Products Pric...

How Will the New Repairs Regulations Affect Your Company?

The characterization of expenditures relating to fixed assets (tangible property) has been a challenge since the ince...

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2/25/2013
Cash on the Warehouse Floor: Is Your Warehouse Full of Productive Income Generating Assets... or Wasted Cash?

Richard E. Groover CPA Inventory turnover is a Key Performance Indicator (KPI) on the radar of almost every manufact...

A & A Advisor - February 2013

Welcome to the February edition of A & A Advisor! In this issue: Limited liability entities Have you analyz...

Legislative Update from the General Assembly

On January 9th, 2013, the 46-day-long General Assembly session opened and, as in previous years, the VRF lobby team h...

Legislative Update from the General Assembly

On January 9th, 2013, the 46-day-long General Assembly session opened and, as in previous years, the VRF lobby team h...

Fiscal Cliff Legislation: How Tax Changes in the Act May Affect You

As the New Year's ball worked its way down its 141-foot drop in the seconds leading up to midnight on December 31, ma...

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1/13/2013
Benchmarking Your Organization to Improve Performance

During tough economic times, your nonprofit organization should always be looking for ways to improve and differentia...

American Taxpayer Relief Act

After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire dr...

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1/11/2013
A&A Advisor | December 2012

Welcome to the December edition of A & A Advisor! In this issue: How to account for.. Deferred compensation ...

A&A: New Standards for Audit Engagements

As we plan for the upcoming audit season, the Audit & Accounting team at Wall, Einhorn & Chernitzer, P.C. (WE...

Research And Development Tax Credit

Every taxpayer wants to reduce his/her tax liability, and if you are involved in qualified research activities, the R...

Fly Like an Eagle? The IRS Will Bring You Back Down to Earth

I struggled with the title of this item......the story itself has been a godsend to headline writers and I don't feel...

How to Create A Strong Case Statement

A strong case statement is critical for any major fundraising campaign, whether you plan to approach foundations, ind...

Demographics Research on Your Client Base: Where to Begin

Having current demographics on your client base is an important part of making your case for services and funding. Ma...

2012-2013 Tax Planning

Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative. The following taxes may...

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9/28/2012
A & A Advisor - Fall 2012

Welcome to the Fall edition of A & A Advisor!  In this issue: What if ... management doesn’t evaluate variabl...

Understanding The DCAA Audit Process Image
Understanding The DCAA Audit Process

As a contractor doing business with the federal government it is important to be familiar with the ever changing regu...

"Doctor, Doctor - Give Me The News..." - Is the Medical Profession More Prone to Litigating Divorces Than Other Professions?

Please file the following under the "I'm just sayin'..." category - far be it from me to draw any conclusions!  ...

Tax Ramifications of Health Care Reform

The Supreme Court upheld President Obama's signature health care reform in a 5-4 decision on June 28, 2012.  Beg...

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7/8/2012
Wounded Warriors Tax Credits

What is the Returning Heroes and Wounded Warriors Work Opportunity Tax Credit? The Returning Heroes and Wounded ...

Returning Heroes & Wounded Warriors Tax Credit

The Returning Heroes and Wounded Warriors Work Opportunity Tax Credit is an extension of the Work Credit available fo...

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6/22/2012
Navigating Real Estate Professional Rules

Even if you work full time in the real estate field, you may not be considered a real estate professional in the eyes...

Due Diligence: How to Avoid Surprises When Acquiring a Manufacturing Company

Due diligence is one of the most critical stages in the process of purchasing a business. Some buyers incorrectly ass...

Mergers & Acquisitions: Valuation of Inventory Assisted in Purchase Price Negotiation

The Client: A large manufacturer of offi ce products involved in a vertical acquisition of one of its primary distrib...

3 Ways a Cost Segregation Study Can Help You

A cost segregation study can help you maximize tax savings and increase cash fl ows on
your future, current...

"I Have Only Come Here Seeking Knowledge..." But What Knowledge is Allowed to Affect a Valuation?

I have always cringed when Sting followed up the title line with "Things they would not teach me of in college". On t...

"A Man Hears What He Wants to Hear...and Disregards the Rest": S Corp Valuation Revisited

Paul Simon's lyrics seem to sum up the approach the Tax Court took in the case of Estate of Louise Paxton Gallagher v...

You Can Check Out Anytime You Like.. but you're better off if you figure out what a business is worth before you start!

Don Henley, the sage that he is, goes on to state that: "You can never leave" ... yet that isjust what every business...

"Even if We're Just Dancing in the Dark" Or on the head of a pin?

Oh yes, just squeezing in a Springsteen reference again - it's been a while. So how do I justify this random referenc...

"Clowns to the Left of Me... Jokers to the Right" What's the Value When You're Stuck in the Middle?

So we're trying to value a 50% interest in a company. We've determined the value of 100% to be $10 million ...

Economic Downturn Gives Owners Time to Work on Value Drivers

Paul G. DiNardo CPA They are essential for the successful sale of a company and are the responsibility of the owners...

What Will Happen To Your Business When You Leave?

We understand that business owners are so busy addressing today’s economic challenges that they can overlook th...

Set A Fair Price To Sell Your Share Of The Business

If, emulating Jack Nicholson and Morgan Freeman, you hope to climb the Pyramids and hit the tables in Monte Carlo whe...

Tax breaks, refunds and other tax tips

Paul G. DiNardo CPA Recent legislation makes Section 529 plans – already one of the most powerful college funding to...

‘Look-Through’ Lowdown

We all know how important it is to understand how tax laws affect the day to day operations of a construction busines...

Cost-segregation study helps with deductions

Property owners planning either a renovation or a rebuild of an existing facility have several tax implications to co...

Three Steps Fix ‘Profit Fade’

Many construction companies suffer from a disabling condition called “profit fade.” It occurs when a cont...

Future of your business depends upon succession plan

If you’re like the millions of baby boomers now nearing retirement age, you’ve probably thought about handing off you...

Contractors Must Know All Accounting Options

Construction companies face an imposingly complex choice when it comes to their accounting methods. Because no two pr...

Be like Bill, plan for succession

Paul G. DiNardo CPA When reporters ask billionaire Bill Gates what will happen to Microsoft if he should die, Gates ...

Tax savings apply to architectural work

Paul G. DiNardo CPA What do manufacturers and architecture/engineering firms have in common? If their service or pro...

How to take on the global marketplace

Paul G. DiNardo CPA Many manufacturers find the lure of selling to retailers in faraway markets too enticing to resi...