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The IRS’ recent declaration of a rigorous enforcement against the utilization of corporate jets has attracted widespread attention, as the Biden...

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, th...

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this ...

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribu...

Many businesses support their communities by donating to local charities. Although there are plenty of non-profits that deserve your support, some exi...

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in ac...

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home...

Uncertainty about inflation, regulations and geopolitical risks abounds in today’s marketplace. A fairness opinion can protect against costly litiga...

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering ...

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In f...

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you�...

Occupational fraud is a crime generally committed by employees against their employers. Ironically, employees also are most likely to notice or suspec...

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries includ...

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never ...

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available t...

Business bankruptcies increased 40.4%, from 13,481 to 18,926, from 2022 to 2023, according to statistics released by the Administrative Office of the ...

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax dedu...

If you operate your business in multiple locations (as with retail or restaurant chains), you face some extraordinary fraud-prevention challenges. Aft...

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. However, a div...

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $9...

Business valuators sometimes consider major events that happen after the valuation date. For example, what if a business is subsequently sold, files f...

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might st...

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023...

Although financial statement fraud is the least common form of occupational theft (9% of incidents), it costs organizations the most in financial loss...

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to us...

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility fo...

There’s generally a trade-off between risk and return in business valuation. Investors expect to receive a higher return as a company exposes them t...

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need ...

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don�...

The restaurant business is notoriously tough — even without the many fraud threats. The fact is, when you’re operating on very thin profit margins...

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped en...

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacte...

As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings accou...

When the parties know what to expect at each phase of a business valuation project, it makes the process easier for everyone. This awareness promotes ...

The IRS announced it opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 t...

You may already be familiar with artificial intelligence (AI) and even use it in business applications. What about generative AI (Gen AI)? Gen AI typi...

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains Q...

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates in...

In today’s uncertain markets, the value of a business may change significantly over time. So it’s important to choose the valuation date carefully...

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving...

One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medi...

Sometimes divorcing spouses or sparring former business partners illegally hide assets to prevent their fair division. And fraud perpetrators almost a...

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is ...

As reported via IR-2024-16 on 1/19/2024 The Internal Revenue Service and the Department of the Treasury today issued Notice 2024-20 to provide guidanc...

As the Financial Crimes Enforcement Network (FinCEN) opens its beneficial ownership information (BOI) reporting portal, its BOI webpage, reflects a f...

Starting in 2024 newly formed, corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers w...

The IRS just put up a new webpage and released FAQs having to do with the recently announced Employee Retention Tax Credit (ERTC) Voluntary Disclosure...

As reported via IR-2023-247 on 12/21/2023 As part of an ongoing initiative aimed at combating dubious Employee Retention Tax Credit (ERTC) claims, the...

As reported via IR-2023-230 on 12/6/2023 As part of continuing efforts to combat dubious Employee Retention Tax Credit (ERTC) claims, the Internal Rev...

When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to fam...