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. […]
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 […]
Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only […]
Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax […]
If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a […]
Do you operate a business as a partnership, a limited liability company (LLC) treated as a partnership for tax purposes or […]
With 2025 in the rear view mirror and the tax filing deadline on the road ahead, it’s a good time for […]
A new year brings many new tax-related figures for businesses. Here’s an overview of key figures for 2026. Be aware that exceptions or additional rules […]
S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these […]
