Deposit Interest into Five Tax Buckets
Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them. Generally, the current rules have been in place [...]
Year-End Review of S Corp Compensation: Stay on the Right Side of the IRS
With 2024 right around the corner, your shareholders might be thinking about year-end bonuses or distributions. Before doing so, it's important to review the potential tax implications and requirements. Distributions vs. [...]
Key 2024 Inflation-Adjusted Tax Parameters for Small Businesses and Their Owners
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and [...]
Contributing to Your Employer’s 401(k) Plan: How It Works
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a [...]
Planning a Graceful and Profitable Exit from Your Small Business
At some point, every business owner leaves the company, either voluntarily through retirement or otherwise. Some businesses will outlive their founders. Others can't survive without the continued involvement of a [...]
The Tax Implications of Renting Out a Vacation Home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, [...]
Businesses: It’s Time to Get Ready for the New Corporate Transparency Reporting Rules
Attention: Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies [...]
Guaranteeing a loan to your corporation? There may be tax implications
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser, or indemnitor of a debt obligation [...]
Be Sure Your Due Diligence Is Thorough
Comprehensive due diligence is essential if your business plans to acquire or merge with another organization. Without one, complicated implications could arise with the potential to significantly affect the profits [...]
Disclaim Responsibility in Contracts
Contracts are part of everyday business, whether it's the minuscule print on the back of a credit card bill or an agreement to buy office furniture. With your customers, contracts [...]
M&A Reminder: Earnouts Bring Critical Tax Considerations
Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in [...]
Keep These DOs and DON’Ts In Mind When Deducting Business Meal and Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]
Understanding IRS Audit Guidance
IRS examiners usually do their homework before meeting with taxpayers and their professional representatives. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry [...]
Estimating the Value of Your Business Today
Proactive business owners always have an eye on the future. And part of that preparedness means knowing what the company is currently worth and doing everything possible to maximize that [...]
Taxation Issues in the Gig Economy
Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]