An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. […]
You understand how important customer lists are to your business’s financial success. So do employees. In fact, some dishonest workers may be tempted to take lists […]
Owners’ compensation can be a subjective — potentially contentious — issue when valuing a closely held business. Here’s an overview of how business valuation professionals evaluate and adjust for owners’ compensation when assessing normalized earnings.
An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the […]
On 4/27/2026, the Internal Revenue Service announced a new, streamlined way for taxpayers to extend the period of time for the IRS and the IRS Independent Office of Appeals […]
The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some […]
Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. […]
Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only […]
U.S. businesses may want to operate abroad for many reasons. Examples include opportunities to grow their customer bases, diversify revenue streams, establish […]
If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated […]
