The IRS and closely held C corporations often disagree about the reasonableness of compensation paid to shareholder-employees. The company wants to classify payments to shareholder-employees as deductible compensation expense. [...]
College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average [...]
Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed [...]
The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the [...]
Choosing the right business entity is one of the most important decisions entrepreneurs make when launching or restructuring a business. The type of entity selected affects how the business [...]
The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being [...]
The current federal gift tax regime is favorable by historical standards. The Tax Cuts and Jobs Act (TCJA) significantly increased the unified exemption for 2018 through 2025 with annual inflation [...]
Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in [...]
As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The [...]
Life is full of changes, and many significant milestones can affect your tax situation in unforeseen ways. Whether you're getting married, welcoming a new child, starting a new job [...]
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for [...]
One of the upsides to owning a small business is the chance to provide a financial legacy for your family members to participate in after you exit the business. [...]
If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay [...]
Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. [...]
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple [...]