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Scrupulous records and legitimate business expenses are the key to less painful IRS audits

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure...
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Tax-wise ways to take cash from your corporation while avoiding dividend treatment

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend....
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9 tax considerations if you’re starting a business as a sole proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the...
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STATE AND LOCAL TAX DUE DILIGENCE

By: George Rendziperis, J.D. Is State and Local Tax (SALT) due diligence part of your merger and acquisition checklist?  If not, a seller who is not...
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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 brackets If you run your business as a sole proprietorship or pass-through business entity (LLC,...
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There still may be time to reduce your small business 2023 tax bill

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still...
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2023 Year-End Tax Planning for Businesses

With year-end approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. C corporations should...
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Reporting Beneficial Owners under FinCEN

Written by: Bill Scarborough, Tax/SEC Director, and Stephen Leonard, Tax Partner Issue:  In 2024, many entities (small businesses created in the U.S or registered to do...
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New per diem business travel rates kicked in on October 1

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel...
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Business automobiles: How the tax depreciation rules work

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and...
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