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A Business Valuator is a Must-Have When Filing a Business Interruption Claim
Meteorologists warn that the 2024 hurricane season could break records, possibly surpassing 2020, the worst hurricane season on record. Even if hurricanes aren’t a threat where your business operates, other natural disasters — such as floods, wildfires and tornadoes — could impact your normal operations. Interruptions from these disasters and other crises can cause significant [...]
The Possible Tax Landscape for Businesses in the Future
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and [...]
The Tax Implications of Disability Income Benefits
Many Americans receive disability income. Are you one of them, or will you soon be? If so, you may ask: Is the income taxed and if it is, how? It depends on the type of disability benefit and your overall income. The key issue is: Who paid for the benefit? If the income is paid [...]
Business Website Expenses: How They’re Handled for Tax Purposes
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to [...]
Assemble a Comprehensive Cybersecurity Plan
Regardless of their size, businesses rely heavily on technology. Although your network and computer-related tools are essential to function, they’re also a potential liability because they can offer cybercriminals access to your company. To protect against this complex and ever-evolving threat, businesses must deploy a comprehensive cybersecurity program. Your arsenal You should already have a [...]
How Are Series EE Savings Bonds Taxed?
Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way for Americans “to express support for our nation’s anti-terrorism efforts,” [...]
Closing a Business Involves a Number of Tax Responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax [...]
Valuing a Business for a Divorce
When a marital estate includes an interest in a closely held business, determining its value for purposes of dividing up assets for a divorce settlement can be challenging. Additionally, part or all of the business may be excluded from the marital estate, depending on state law, legal precedent and prenuptial agreements between the spouses. A [...]
Six Tax Issues to Consider If You’re Getting Divorced
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if you’re in the process of [...]
Watch Out for Tax Misinformation on Social Media
Social media gets blamed for a lot these days — sometimes for good reason. Recently, the IRS issued a warning to individual and business taxpayers to beware of false claims about various federal tax breaks that appear on social media platforms. The common denominator of such claims is that they involve legitimate tax provisions for [...]
IRS Reminds Car Dealers to be Aware of Phishing Scams
(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams In light of the CDK ransomware attack, the Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light [...]
If Your Business Has Co-Owners, Your Probably Need a Buy-Sell Agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the [...]
Planning Your Estate? Don’t Overlook Income Taxes
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate [...]
Business Owners: Understanding Value is Key to Updating Your Estate Plan
Summer is a great time for business owners to review their estate plans. Maybe your kids are home for summer break, so they’re top of mind. Or perhaps you’re vacationing with relatives or getting together for a backyard BBQ. Whatever the reason you’re spending time with your family, consider having an open discussion with them [...]
Be Aware of the Tax Consequences of Selling Business Property
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
