We invite you to read about news, developments and other items of interest concerning tax and accounting matters.

Beware of a stealth tax on Social Security benefits

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you... Read More


A job loss is bad but the tax implications could make it worse

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off... Read More


New option for unused funds in a 529 college savings plan

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 deductible, but they grow tax deferred.... Read More


Small businesses can help employees save for retirement, too.

Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a... Read More


If you didn’t contribute to an IRA last year, there’s still time

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 still be an opportunity to... Read More


Get ready for the 2023 gift tax return deadline

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 gift tax return. In... Read More


Filing jointly or separately as a married couple: What’s the difference?

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 for certain tax breaks and... Read More


If you gave to charity in 2023, check to see that you have substantiation

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’t receive such a... Read More


IRAs: Build a tax-favored retirement nest egg

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 enacted at the end of 2022,... Read More


Business Brief: Did your business buy the wrong software?

No one likes to make a mistake. This is especially true in business, where a wrong decision can cost money, time and resources. According to the results of a recent... Read More


The kiddie tax could affect your children until they’re young adults

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 instead of at the usually much... Read More


Perform an operational review to see how well your business is running

In the wide, wide world of mergers and acquisitions (M&A), most business buyers conduct thorough due diligence before closing their deals. This usually involves carefully investigating the target company’s financial,... Read More


Business Brief: 3 types of internal benchmarking reports for businesses

As each year winds to a close, owners of established businesses can count on having plenty of at least one thing: information. That is, they have another full calendar year... Read More


Don’t overlook taxes when contemplating a move to another state

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 family members. Don’t... Read More


Reinvigorating your company’s sales efforts heading into the new year

Business owners, with the year just about over, you and your leadership team presumably have a pretty good idea of where you want your company to go in 2024. The... Read More


Court awards and out-of-court settlements may (or may not) be taxed

Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some... Read More


The “nanny tax” must be paid for nannies and other household workers

You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or... Read More


11 Exceptions to the 10% penalty tax on early IRA withdrawals

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this... Read More


2023 limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored... Read More


How inflation will affect your 2022 and 2023 tax bills

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation... Read More


Adopting a child? Bring home a tax break too

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up... Read More


Employers: In 2023, the Social Security wage base is going up

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income... Read More


Plan now to make tax-smart year-end gifts to loved ones

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the... Read More


Merger & Acquisition on the way? Consider a QOE report

Whether you’re considering selling your business or acquiring another one, due diligence is a must. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings (QOE) report... Read More


What local transportation costs can your business deduct?

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?”... Read More


Investing in the future with a 529 education plan

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named... Read More


Year-end tax planning ideas for individuals

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning... Read More


2022 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may... Read More


Seller-paid points: Can homeowners deduct them?

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing... Read More


Want to see into the future? Delve deeper into forecasting

For a company to be truly successful, its ownership needs to attempt the impossible: see into the future. Forecasting key metrics — such as sales demand, receivables, payables and working... Read More


The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future,... Read More


Inflation Reduction Act provisions of interest to small businesses

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media... Read More


Home sweet home: Do you qualify for office deductions?

If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from... Read More


An “innocent spouse” may be able to escape tax liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS... Read More


Why an LLC might be the best choice of entity for your business

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can... Read More


Is your business required to report employee health coverage?

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic... Read More


Estimated tax payments: Who owes them and when is the next one due?

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest,... Read More


Is your withholding adequate? Here’s how to check

When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again... Read More


6 steps to easing employees’ fears about innovation

Business owners often find the greatest obstacle to innovation isn’t the change itself, but employees’ resistance to it. Their hesitation or outright defiance is frequently driven by fear. Some workers... Read More


Three tax breaks for small businesses

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018... Read More


Weathering the storm of rising inflation

Like a slowly gathering storm, inflation has gone from dark clouds on the horizon to a noticeable downpour on both the U.S. and global economies. Is it time for business... Read More


Interested in an Electronic Vehicle? How to qualify for a powerful tax credit

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on... Read More


The tax obligations if your business closes its doors

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of... Read More


IRS extends relief for physical presence signature requirement

Under IRS regulations regarding electronic consents and elections, if a signature must be witnessed by a retirement plan representative or notary public, it must be witnessed “in the physical presence”... Read More


How disability income benefits are taxed

If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income... Read More


Is your cloud provider still meeting your company’s needs?

Like many businesses, yours has probably jumped aboard the cloud computing bandwagon … or “skywagon” as the case may be. How’s that going? Some business owners pay little to no... Read More


Businesses will soon be able to deduct more under the standard mileage rate

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas... Read More


When inheriting money, be aware of “income in respect of a decedent” issues

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or... Read More


Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if... Read More


The tax mechanics involved in the sale of trade or business property

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to... Read More


Thinking about converting your home into a rental property?

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the... Read More


Once you file your tax return, consider these 3 issues

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some... Read More


Tax issues to assess when converting from a C corporation to an S corporation

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are... Read More


Selling mutual fund shares: What are the tax implications?

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million... Read More


Undertaking a pay equity audit at your business

Pay equity is both required by law and a sound business practice. However, providing equitable compensation to employees who perform the same or similar jobs, while accounting for differences in... Read More


It’s almost that time of year again! If you’re not ready, file for an extension

The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need... Read More


2022 Q2 tax calendar: Key deadlines for businesses and other employers

at apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to... Read More


ERISA and EAPs: What’s the deal?

In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits, but also offering other initiatives... Read More


The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the... Read More


Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why... Read More


360-degree feedback helps business owners see the big picture

Business owners are regularly urged to “see the big picture.” In many cases, this imperative applies to a pricing adjustment or some other strategic planning idea. However, seeing the big... Read More


Establish a tax-favored retirement plan

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example,... Read More


Business owners, lean into sales staff retention

Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s “Great Resignation.” This trend of a historic... Read More


Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind.... Read More


The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex... Read More


Should your business address retirement plan leakage?

Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well. In this context, leakage refers... Read More


Let your financial statements guide you to optimal business decisions

Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get,... Read More


Married couples filing separate tax returns: Why would they do it?

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing... Read More


Making withdrawals from your closely held corporation that aren’t taxed as dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution... Read More


Did you give to charity in 2021? Make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a... Read More


Important tax aspects of operating your business as a sole proprietor

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are... Read More


Keeping meticulous records is the key to tax deductions and painless IRS audits

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses... Read More


Entrepreneurs and taxes: How expenses are claimed on tax returns

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a... Read More


Using B2B media to lengthen your marketing reach

Companies that sell products or services primarily to other businesses face a tough challenge when it comes to marketing. Your customers are likely well-versed and experienced in what they do,... Read More


Numerous tax limits affecting businesses have increased for 2022

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to... Read More


Help safeguard your personal information by filing your 2021 tax return early

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until... Read More


3 specialized IT leadership positions for growing businesses

For many businesses, technology has changed from something they use to something they do. When a company reaches a point where IT plays a central role in operations and productivity,... Read More


How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures... Read More


Review your strategic plan … and look ahead

Business owners, year end is officially here. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one... Read More


Will the standard business mileage rate go up in 2022? Yes!

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by... Read More


2022 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may... Read More


Providing a company car? Here’s how taxes are handled

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as... Read More


Could an FLP fit into your succession plan?

Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From... Read More


The tax implications of owning a corporate aircraft

If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for... Read More


Small businesses: There still may be time to cut your 2021 taxes

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking... Read More


IRS announces adjustments to key retirement plan limits

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective... Read More


4 red flags of an unreliable budget

Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives,... Read More


Remember to use up your flexible spending account money

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some... Read More


Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers... Read More


Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved... Read More


Many factors are involved when choosing a business entity

Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C... Read More


Factor in taxes if you’re relocating to another state in retirement

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more... Read More


Would you like to establish a Health Savings Account for your small business?

With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals,... Read More


Thinking about participating in your employer’s 401(k) plan? Here’s how it works

Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking... Read More


Employers: The Social Security wage base is increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income... Read More


You may owe “nanny tax” even if you don’t have a nanny

Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t... Read More


Engaging in customer-focused strategic planning

When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly... Read More


Get your piece of the depreciation pie now with a cost segregation study

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow... Read More


Vacation home: How is your tax bill affected if you rent it out?

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can... Read More


2021 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may... Read More


New per diem business travel rates became effective on October 1

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers... Read More


Navigating the tax landscape when donating works of art to charity

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer... Read More


Is your business tracking website metrics?

In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand format can allow you to... Read More


M&A transactions: Be careful when reporting to the IRS

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports... Read More


EIDL program retooled for still-struggling small businesses

For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and... Read More


Is a Health Savings Account right for you?

Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way... Read More


Opening a new location calls for careful planning

The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have... Read More


Selling a home: Will you owe tax on the profit?

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose... Read More


Claiming a theft loss deduction if your business is the victim of embezzlement

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have... Read More


Planning for year-end gifts with the gift tax annual exclusion

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the... Read More


5 questions to ask about your marketing efforts

For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the planning process tends to... Read More


You can only claim a casualty loss tax deduction in certain situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home... Read More


Want to find out what IRS auditors know about your business industry?

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques... Read More


Expanding succession planning beyond ownership

Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent... Read More


Does your employer provide life insurance? Here are the tax consequences

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be... Read More


Getting a divorce? Be aware of tax implications if you own a business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases,... Read More


ABLE accounts may help disabled or blind family members

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re... Read More


Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of... Read More


Scholarships are usually tax free but they may result in taxable income
Scholarships are usually tax free but they may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary,... Read More


DEI programs are good for business
DEI programs are good for business

Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity, equity and inclusion (DEI). A thoughtfully... Read More


5 possible tax aspects of a parent moving into a nursing home
5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term... Read More


Is an LLC the right choice for your small business
Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new... Read More


Get serious about your strategic planning meetings
Get serious about your strategic planning meetings

Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on... Read More


You may have loads of student debt, but it may be hard to deduct the interest
You may have loads of student debt, but it may be hard to deduct the interest

More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder... Read More


There’s currently a “stepped-up basis” if you inherit property — but will it last
There’s currently a “stepped-up basis” if you inherit property — but will it last?

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market... Read More


Claiming the business energy credit
Claiming the business energy credit for using alternative energy

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that... Read More


5 ways to take action on accounts receivable
5 ways to take action on accounts receivable

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash,... Read More


5 ways to take action on accounts receivable
5 ways to take action on accounts receivable

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash,... Read More


Can taxpayers who manage their own investment portfolios deduct related expenses? It depends
Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025... Read More


IRS audits may be increasing, so be prepared
IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage... Read More


IRS audits may be increasing, so be prepared
IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage... Read More


Can taxpayers who manage their own investment portfolios deduct related expenses? It depends
Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025... Read More


Claiming the business energy credit
Claiming the business energy credit for using alternative energy

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that... Read More


10 facts about the pass-through deduction for qualified business income
10 facts about the pass-through deduction for qualified business income

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or... Read More


Eligible Businesses: Claim the Employee Retention Tax Credit
Eligible Businesses: Claim the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a... Read More


2021 Q3 tax calendar: Key deadlines for businesses and other employers
2021 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may... Read More


Retiring soon? 4 tax issues you may face
Retiring soon? 4 tax issues you may face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and... Read More


The long and short of succession planning
The long and short of succession planning

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention... Read More


Plan ahead for the 3.8% Net Investment Income Tax
Plan ahead for the 3.8% Net Investment Income Tax

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to... Read More


Hiring your minor children this summer? Reap tax and nontax benefits
Hiring your minor children this summer? Reap tax and nontax benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with... Read More


Still have questions after you file your tax return
Still have questions after you file your tax return?

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that... Read More


Look at your employee handbook with fresh eyes
Look at your employee handbook with fresh eyes

For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to... Read More


An S corporation could cut your self-employment tax
An S corporation could cut your self-employment tax

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be... Read More


Working in the gig economy
Working in the gig economy results in tax obligations

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the... Read More


Providing education assistance to employees
Providing education assistance to employees? Follow these rules

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year... Read More


The Restaurant Revitalization Fund is now live
The Restaurant Revitalization Fund is now live

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant... Read More


Is your wellness program built on a solid foundation
Is your wellness program built on a solid foundation?

In a society increasingly conscious of well-being, with the costs of health care benefits remaining high, many businesses have established or are considering employee wellness programs. The Centers for Disease... Read More


Tax filing deadline is coming up
Tax filing deadline is coming up: What to do if you need more time

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due... Read More


Meeting tax return filing deadlines
Why it’s important to meet the tax return filing and payment deadlines

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed... Read More


Ensure competitive intelligence
Ensure competitive intelligence efforts are helpful, not harmful

With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a whole, and social media specifically, create a data-rich environment in... Read More


Unemployed last year
Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage... Read More


Premium Tax Credit
Changes to Premium Tax Credit Could Increase Penalty Risk for Some Businesses

The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision... Read More


Home Sales: How to Determine Your “Basis”
Home Sales: How to Determine Your “Basis”

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it... Read More


Simple retirement savings options for your small business
Simple Retirement Savings Options for Your Small Business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension... Read More


Providing Optimal IT Support for Remote Employees
Providing Optimal IT Support for Remote Employees

If you were to ask your IT staff about how tech support for remote employees is going, they might say something along the lines of, “Fantastic! Never better!” However, if... Read More


Who Qualifies for “Head of Household” Tax Filing Status?
Who Qualifies for “Head of Household” Tax Filing Status?

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies... Read More


How to ensure life insurance isn’t part of your taxable estate
How to Ensure Life Insurance Isn’t Part of Your Taxable Estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way,... Read More


EIDL loans, restaurant grants offer relief to struggling small businesses
EIDL Loans, Restaurant Grants Offer Relief to Struggling Small Businesses

The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law... Read More


Is an S Corporation the Best Choice of Entity for Your Business?
Is an S Corporation the Best Choice of Entity for Your Business?

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for... Read More


New law tax break may make child care less expensive
New Law Tax Break May Make Child Care Less Expensive

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays... Read More


New Law: Parents and Other Eligible Americans to Receive Direct Payments
New Law: Parents and Other Eligible Americans to Receive Direct Payments

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the... Read More


New COVID-19 Relief Law Extends Employee Retention Credit
New COVID-19 Relief Law Extends Employee Retention Credit

Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan... Read More


5 Ways to Streamline and Energize Your Sales Process
5 Ways to Streamline and Energize Your Sales Process

The U.S. economy is still a far cry from where it was before the COVID-19 pandemic hit about a year ago. Nonetheless, as vaccination efforts continue to ramp up, many... Read More


Estimated tax payments: The deadline for the first 2021 installment is coming ups
Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to... Read More


Launching a small business? Here are some tax considerations
Launching A Small Business? Here Are Some Tax Considerations

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors.... Read More


PPP Adjusted to Prioritize Very Small Businesses
PPP Adjusted to Prioritize Very Small Businesses

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their... Read More


Retiring soon? Recent law changes may have an impact on your retirement savings
Retiring Soon? Recent Law Changes May Have an Impact on Your Retirement Savings.

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently... Read More


Didn’t contribute to an IRA last year? There still may be time
Didn’t Contribute to an IRA Last Year? There Still May Be Time.

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you... Read More


If you run a business from home, you could qualify for home office deductions
If You Run A Business From Home, You Could Qualify For Home Office Deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to... Read More


Building customers’ trust in your website
Building Customers’ Trust In Your Website

The events of the past year have taught business owners many important lessons. One of them is that, when a crisis hits, customers turn on their computers and look to... Read More


Did you make donations in 2020? There’s still time to get substantiation
Did You Make Donations in 2020? There’s Still Time to Get Substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter... Read More


What are the tax implications of buying or selling a business?
What are the Tax Implications of Buying or Selling a Business?

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If... Read More


The Many Uses of a SWOT Analysis

Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your... Read More


Many Tax Amounts Affecting Businesses Have Increased for 2021
Many Tax Amounts Affecting Businesses Have Increased for 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction... Read More


The power of the tax credit for buying an electric vehicle
The Power of the Tax Credit for Buying an Electric Vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may... Read More


Are your supervisors adept at multigenerational management?
Are Your Supervisors Adept at Multigenerational Management?

Over the past year, the importance of leadership at every level of a business has been emphasized. When a crisis such as a pandemic hits, it creates a sort of... Read More


Financial Statements through Different Lens
View Your Financial Statements Through the Right Lens

Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be... Read More


new Form 1099-NEC
The New Form 1099-NEC and the Revised 1099-MISC are Due to Recipients Soon

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending... Read More


Minimum Distributions
Don’t Forget To Take Required Minimum Distributions This Year!

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or... Read More


Seal of Iowa
Iowa COVID-19 Agricultural Relief Programs

Governor Kim Reynolds recently announced the allocation of approximately $100 million of Federal CARES Act relief funds to several different agricultural programs. You may be eligible to receive funding from... Read More


Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on... Read More


Some people are required to return Economic Impact Payments that were sent erroneously

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent... Read More


What qualifies as a “coronavirus-related distribution” from a retirement plan?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So... Read More


Re-evaluate your company’s competitiveness in a changed economy

Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways,... Read More


PPP Flexibility Act eases rules for borrowers coping with COVID-19

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic.... Read More


Rioting damage at your business? You may be able to claim casualty loss deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of... Read More


A nonworking spouse can still have an IRA

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take... Read More


Businesses revise sales compensation models during pandemic

Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks... Read More


IRS releases 2021 amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the... Read More


Student loan interest: Can you deduct it on your tax return?

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains... Read More


Attuning your social media strategy to the pandemic

Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel coronavirus (COVID-19) pandemic, connecting with customers and prospects via a... Read More


Did you get an Economic Impact Payment that was less than you expected?

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that... Read More


Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The... Read More


Subchapter V: A silver lining for small businesses mulling bankruptcy

Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively... Read More


There’s still time to make a deductible IRA contribution for 2019

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax... Read More


The CARES Act liberalizes net operating losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming... Read More


IRS extends some (but not all) employee benefit plan deadlines

The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to... Read More


Give your 401(k) plan a checkup at least once a year

In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision... Read More


COVID-19: IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a... Read More


Just launched: The SBA’s Paycheck Protection Program

To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially launched the Paycheck Protection Program (PPP). The program’s stated objective is... Read More


CARES ACT changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes... Read More


Why you should keep life insurance out of your estate

If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your... Read More


Cash payments and tax relief for individuals in new law

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains... Read More


Executive shakes hands with workers on factory floor
How business owners and execs can stay connected with staff

With the empty bottles of bubbly placed safely in the recycling bin and the confetti swept off the floor, it’s time to get back to the grind. The beginning of... Read More


4 new law changes that may affect your retirement plan

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The... Read More


New law helps businesses make their employees’ retirement secure

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re... Read More


Cost management: A budget’s best friend

If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated... Read More


Woman works on a laptop in her home office
Your home office expenses may be tax deductible

Technology has made it easier to work from home, so lots of people now commute each morning to an office down the hall. However, just because you have a home... Read More


Man and woman standing back to back with folded arms. Chalk drawings behind them flex biceps.
5 ways to strengthen your business for the new year

The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12... Read More


Night scene of a lit Christmas tree in front of the U.S. Capitol Building in Washington, D.C.
Congress gives a holiday gift in the form of favorable tax provisions

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump... Read More


Wayfair revisited — It’s time to review your sales tax obligations

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote... Read More


Two clay figures tug on opposite ends of a hundred dollar bill
Stretch your marketing dollars further with smart strategies

If your marketing budget is limited, there may be ways to make that money go further. Smart strategies abound for small to midsize businesses. Let’s look at a few ideas... Read More


Bike messenger delivers a salad and beverage to a woman outside a building.
Do you have a side gig? Make sure you understand your tax obligations

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people... Read More


2020 Q1 tax calendar: Key deadlines for businesses and other employers
2020 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may... Read More


What lenders look for in a succession plan
What lenders look for in a succession plan

Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of... Read More


3 last-minute tips that may help trim your tax bill
3 last-minute tips that may help trim your tax bill

If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help... Read More


It may not be not too late to cut your 2019 taxes.
Small Businesses: It may not be not too late to cut your 2019 taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including:   Buying... Read More


Medical expenses: What it takes to qualify for a tax deduction
Medical expenses: What it takes to qualify for a tax deduction

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it... Read More


Section 179 and bonus depreciation
2 valuable year-end tax-saving tools for your business

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related... Read More


Bridge the gap
Bridging the gap between budgeting and risk management

At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if... Read More


Form 1040
What is your taxpayer filing status?

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When... Read More


Cleaning up environmental contamination
Environmental cleanup: What are the tax implications?

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses.... Read More


Holiday parties and gifts can help show your appreciation and provide tax breaks.
Holiday parties and gifts can help show your appreciation and provide tax breaks

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving... Read More


Have you been contributing enough in 2019 to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the just-announced limit for 2020.
Using your 401(k) plan to save this year and next

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a... Read More


Has your small business paid independent contractors, vendors or others at least $600 for services during 2019? Here are the reporting requirements you may face.
Small businesses: Get ready for your 1099-MISC reporting requirements

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to... Read More


Cloud computing
Is multicloud computing right for your business?

Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue... Read More


Do you want to provide extra money to a disabled family member but you don’t want them to lose eligibility for government benefits to which they’re entitled? Consider a tax-advantaged ABLE account.
You may be ABLE to save for a disabled family member with a tax-advantaged account

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It... Read More


Payroll tax penalty
Small businesses: Stay clear of a severe payroll tax penalty

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also... Read More


Shadow boards
A shadow board could shed light on your company’s best future

In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest... Read More


Qualified charitable distributions
IRA charitable donations are an alternative to taxable required distributions

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you... Read More


Thinking about converting from a C corporation to an S corporation?
Thinking about converting from a C corporation to an S corporation?

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some... Read More


At the very least, update the financials in your business plan

Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management... Read More


Selling securities by year end? Avoid the wash sale rule

If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule.  ... Read More


Accelerate depreciation deductions with a cost segregation study

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may... Read More


Deciding whether a merger or acquisition is the right move

Merging with, or acquiring, another company is one of the best ways to grow rapidly. You might be able to significantly boost revenue, literally overnight, by acquiring another business. In... Read More


Use a Coverdell ESA to help pay college, elementary and secondary school costs

There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for... Read More


Setting up a Health Savings Account for your small business

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals,... Read More


6 ways to ensure your marketing plan drives sales

“Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle... Read More


Watch out for tax-related scams

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email... Read More


Understanding and controlling the unemployment tax costs of your business

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed... Read More


Laptop battery safety is no laughing matter

You’d be hard pressed to find a business today that doesn’t have laptop computers listed among its assets. Large companies have hundreds of them; midsize ones issue them to managers... Read More


Take advantage of the gift tax exclusion rules

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes... Read More


The chances of an IRS audit are low, but business owners should be prepared

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the... Read More


How to research a business customer’s creditworthiness

Extending credit to business customers can be an effective way to build goodwill and nurture long-term buyers. But if you extend customer credit, it also brings sizable financial risk to... Read More


Does your team know the profitability game plan?

Autumn brings falling leaves and … the gridiron. Football teams — from high school to pro — are trying to put as many wins on the board as possible to... Read More


When is tax due on Series EE savings bonds?

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them.... Read More


How to treat your business website costs for tax purposes

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs... Read More


Higher education tax credits
Uncle Sam offers tax credits for college costs

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state... Read More


2019 Q4 tax calendar: Key deadlines for businesses and other employers

2019 Q4 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019.... Read More


Withdraw cash from your corporation
5 non-dividend ways to withdraw cash from your corporation

Do 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 dividend distribution... Read More


Financial factors to keep in mind during a divorce
Getting a divorce? Tax issues to understand

In addition to already difficult personal issues, divorce can affect both parties’ taxes. To ensure that taxes are kept to a minimum and that important tax-related decisions are made properly,... Read More


Get a head start on your strategic planning for 2020.
Business owners: Start planning for next year

Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not... Read More


Klostermann announced as shareholder

We are pleased to announce the admittance of Matthew J. Klostermann, CPA, as a shareholder with Gosling & Company, P.C.   Matt has been providing accounting and tax services in... Read More


The tax implications of being a winner

The tax implications of being a winner If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the... Read More


Is it time to hire a CFO or controller?

Is it time to hire a CFO or controller? Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good... Read More


Taking a long-term approach to certain insurance documentation

Taking a long-term approach to certain insurance documentation After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to... Read More


The “kiddie tax” hurts families more than ever

The “kiddie tax” hurts families more than ever Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from... Read More


Take a closer look at home office deductions

Take a closer look at home office deductions Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home... Read More


Run your strategic-planning meetings like they really matter

Run your strategic-planning meetings like they really matter Many businesses struggle to turn abstract strategic-planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are... Read More


Businesses can utilize the same information IRS auditors use to examine tax returns

Businesses can utilize the same information IRS auditors use to examine tax returns The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business... Read More


The “nanny tax” must be paid for more than just nannies

The “nanny tax” must be paid for more than just nannies You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply... Read More


The 1-2-3 of B2B marketing

The 1-2-3 of B2B marketing Does your business market its products or services to other companies? Or might it start doing so in the future? If so, it’s critical to... Read More


Summer: A good time to review your investments

Summer: A good time to review your investments You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation.... Read More


It’s a good time to buy business equipment and other depreciable property

It’s a good time to buy business equipment and other depreciable property There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a... Read More


Is your accounting software living up to the hype?

Is your accounting software living up to the hype? Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being... Read More


Volunteering for charity: Do you get a tax break?

Volunteering for charity: Do you get a tax break? If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on... Read More


M&A transactions: Avoid surprises from the IRS

M&A transactions: Avoid surprises from the IRS If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that... Read More


Odd word, cool concept: Gamification for businesses

Odd word, cool concept: Gamification for businesses “Gamification.” It’s perhaps an odd word, but it’s a cool concept that’s become popular among many types of businesses. In its most general... Read More


Bartering: A taxable transaction even if your business exchanges no cash

Bartering: A taxable transaction even if your business exchanges no cash Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If... Read More


You may have to pay tax on Social Security benefits

You may have to pay tax on Social Security benefits During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax.... Read More


Grading the performance of your company’s retirement plan

Grading the performance of your company’s retirement plan Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years?... Read More


If your kids are off to day camp, you may be eligible for a tax break

If your kids are off to day camp, you may be eligible for a tax break Now that most schools are out for the summer, you might be sending your... Read More


Which entity is most suitable for your new or existing business?

Which entity is most suitable for your new or existing business? The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced... Read More


Put a number on your midyear performance with the right KPIs

Put a number on your midyear performance with the right KPIs We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might... Read More


2019 Q3 tax calendar: Key deadlines for businesses and other employers

2019 Q3 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019.... Read More


Is an HSA right for you?

Is an HSA right for you? To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts,... Read More


Hiring this summer? You may qualify for a valuable tax credit

Hiring this summer? You may qualify for a valuable tax credit Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for... Read More


Could you unearth hidden profits in your company?

Could you unearth hidden profits in your company? Can your business become more profitable without venturing out of its comfort zone? Of course! However, adding new products or services may... Read More


Donating your vehicle to charity may not be a taxwise decision

Donating your vehicle to charity may not be a taxwise decision You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive... Read More


Your succession plan may benefit from a separation of business and real estate

Your succession plan may benefit from a separation of business and real estate Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings... Read More


Thinking about moving to another state in retirement? Don’t forget about taxes

Thinking about moving to another state in retirement? Don’t forget about taxes When you retire, you may consider moving to another state — say, for the weather or to be... Read More


Employers: Be aware (or beware) of a harsh payroll tax penalty

Employers: Be aware (or beware) of a harsh payroll tax penalty If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over... Read More


Targeting and converting your company’s sales prospects

Targeting and converting your company’s sales prospects Companies tend to spend considerable time and resources training and upskilling their sales staff on how to handle existing customers. And this is,... Read More


The chances of IRS audit are down but you should still be prepared

The chances of IRS audit are down but you should still be prepared The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their... Read More


Tax-smart domestic travel: Combining business with pleasure

Tax-smart domestic travel: Combining business with pleasure Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner,... Read More


Build long-term relationships with CRM software

Build long-term relationships with CRM software Few businesses today can afford to let potential buyers slip through the cracks. Customer relationship management (CRM) software can help you build long-term relationships... Read More


It’s a good time to check your withholding and make changes, if necessary

It’s a good time to check your withholding and make changes, if necessary Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season... Read More


Hire your children this summer: Everyone wins

Hire your children this summer: Everyone wins If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits.... Read More


The simple truth about annual performance reviews

The simple truth about annual performance reviews There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may... Read More


Selling your home? Consider these tax implications

Selling your home? Consider these tax implications Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in... Read More


Consider a Roth 401(k) plan — and make sure employees use it

Consider a Roth 401(k) plan — and make sure employees use it Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them... Read More


Buy vs. lease: Business equipment edition

Buy vs. lease: Business equipment edition Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease.... Read More


What type of expenses can’t be written off by your business?

What type of expenses can’t be written off by your business? If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find... Read More


Check on your refund — and find out why the IRS might not send it

Check on your refund — and find out why the IRS might not send it It’s that time of year when many people who filed their tax returns in April... Read More


Should your health care plan be more future-focused?

Should your health care plan be more future-focused? The pace of health care cost inflation has remained moderate over the past year or so, and employers are trying to keep... Read More


Plug in tax savings for electric vehicles

Plug in tax savings for electric vehicles While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in... Read More


Prepare for the worst with a business turnaround strategy

Prepare for the worst with a business turnaround strategy Many businesses have a life cycle that, as life cycles tend to do, concludes with a period of decline and failure.... Read More


Casualty loss deductions: You can claim one only for a federally declared disaster

Casualty loss deductions: You can claim one only for a federally declared disaster Unforeseen disasters happen all the time and they may cause damage to your home or personal property.... Read More


How entrepreneurs must treat expenses on their tax returns

How entrepreneurs must treat expenses on their tax returns Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting... Read More


Three questions you may have after you file your return

Three questions you may have after you file your return Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are... Read More


Responding to the nightmare of a data breach

Responding to the nightmare of a data breach It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company... Read More


Divorcing business owners need to pay attention to tax implications

Divorcing business owners need to pay attention to tax implications If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues... Read More


Understanding how taxes factor into an M&A transaction

Understanding how taxes factor into an M&A transaction Merger and acquisition activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s... Read More


Be vigilant about your business credit score

Be vigilant about your business credit score As an individual, you’ve no doubt been urged to regularly check your credit score. Most people nowadays know that, with a subpar personal... Read More


Still working after age 70½? You may not have to begin 401(k) withdrawals

Still working after age 70½? You may not have to begin 401(k) withdrawals If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking... Read More


2019 Q2 tax calendar: Key deadlines for businesses and other employers

2019 Q2 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter... Read More


An implementation plan is key to making strategic goals a reality

An implementation plan is key to making strategic goals a reality In the broadest sense, strategic planning comprises two primary tasks: establishing goals and achieving them. Many business owners would... Read More


Stretch your college student’s spending money with the dependent tax credit

Stretch your college student’s spending money with the dependent tax credit If you’re the parent of a child who is age 17 to 23, and you pay all (or most)... Read More


Careful tax planning required for incentive stock options

Careful tax planning required for incentive stock options Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy... Read More


Are your employees ignoring their 401(k)s?

Are your employees ignoring their 401(k)s? For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed... Read More


Could your business benefit from the tax credit for family and medical leave?

Could your business benefit from the tax credit for family and medical leave? The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified... Read More


5 ways to give your sales staff the support they really need

5 ways to give your sales staff the support they really need “I could sell water to a whale.” Indeed, most salespeople possess an abundance of confidence. One could say... Read More


The 2018 gift tax return deadline is almost here

The 2018 gift tax return deadline is almost here Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether... Read More


There’s still time for small business owners to set up a SEP retirement plan for last year

There’s still time for small business owners to set up a SEP retirement plan for last year If you own a business and don’t have a tax-advantaged retirement plan, it’s... Read More


Using knowledge management to develop your succession plan

Using knowledge management to develop your succession plan As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and... Read More


Vehicle-expense deduction ins and outs for individual taxpayers

Vehicle-expense deduction ins and outs for individual taxpayers It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and... Read More


Will leasing equipment or buying it be more tax efficient for your business?

Will leasing equipment or buying it be more tax efficient for your business? Recent changes to federal tax law and accounting rules could affect whether you decide to lease or... Read More


Beware the Ides of March — if you own a pass-through entity

Beware the Ides of March — if you own a pass-through entity Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited... Read More


Don’t let scope creep ruin your next IT project

Don’t let scope creep ruin your next IT project Today’s business technology is both powerful and restive. No matter how “feature rich” a software solution or hardware asset may be,... Read More


The home office deduction: Actual expenses vs. the simplified method

The home office deduction: Actual expenses vs. the simplified method If you run your business from your home or perform certain functions at home that are related to your business,... Read More


Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and... Read More


Best practices when filing a business interruption claim

Best practices when filing a business interruption claim Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial property policy,... Read More


3 big TCJA changes affecting 2018 individual tax returns and beyond

3 big TCJA changes affecting 2018 individual tax returns and beyond When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you... Read More


When are LLC members subject to self-employment tax?

When are LLC members subject to self-employment tax? Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the... Read More


Why you shouldn’t wait to file your 2018 income tax return

Why you shouldn’t wait to file your 2018 income tax return The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file... Read More


Fundamental tax truths for C corporations

Fundamental tax truths for C corporations The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these... Read More


Refine your strategic plan with SWOT

Refine your strategic plan with SWOT With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline... Read More


Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit

Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many... Read More


Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return Commercial buildings and improvements generally are depreciated over 39 years, which essentially means... Read More


Is your business stuck in the mud with its marketing plan?

Is your business stuck in the mud with its marketing plan? A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world... Read More


Many tax-related limits affecting businesses increase for 2019

Many tax-related limits affecting businesses increase for 2019 A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look... Read More


There’s still time to get substantiation for 2018 donations

There’s still time to get substantiation for 2018 donations If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your... Read More


Getting wise to the rise of “smart” buildings

Getting wise to the rise of “smart” buildings Nowadays, data drives everything — including the very buildings in which companies operate. If your business is considering upgrading its current facility,... Read More


What will your marginal income tax rate be?

What will your marginal income tax rate be? While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their... Read More


Higher mileage rate may mean larger tax deductions for business miles in 2019

Higher mileage rate may mean larger tax deductions for business miles in 2019 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile... Read More


4 business functions you could outsource right now

4 business functions you could outsource right now One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies and independent contractors offering a... Read More


2 major tax law changes for individuals in 2019

2 major tax law changes for individuals in 2019 While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025... Read More


Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

Is there still time to pay 2018 bonuses and deduct them on your 2018 return? There aren’t too many things businesses can do after a year ends to reduce tax... Read More


Device policy
What’s the right device policy for your company?

Technology tools are necessary in the workplace, but businesses struggle to balance their needs for security and functionality against employees’ rights to privacy. At some companies, loose “bring your own... Read More


Adopting a child? Bring home tax savings with your bundle of joy
Adopting a child? Bring home tax savings with your bundle of joy

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to... Read More


Economic damages: Recovering what was lost

Economic damages: Recovering what was lost A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent infringement and commercial negligence.... Read More


A review of significant TCJA provisions impacting individual taxpayers

A review of significant TCJA provisions impacting individual taxpayers Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s... Read More


Taking the hybrid approach to cloud computing

Taking the hybrid approach to cloud computing For several years now, cloud computing has been touted as the perfect way for companies large and small to meet their software and... Read More


Change management doesn’t have to be scary

Change management doesn’t have to be scary Business owners are constantly bombarded with terminology and buzzwords. Although you probably feel a need to keep up with the latest trends, you... Read More


Reduce insurance costs by encouraging employee wellness

Reduce insurance costs by encouraging employee wellness Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t... Read More


A strong BYOD policy combines convenience with security

A strong BYOD policy combines convenience with security It’s easy to understand why more and more businesses are taking a “bring your own device” (BYOD) approach to the smartphones, tablets... Read More


Donate appreciated stock for twice the tax benefits

Donate appreciated stock for twice the tax benefits A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can... Read More


Could “bunching” medical expenses into 2018 save you tax?

Could “bunching” medical expenses into 2018 save you tax? Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed... Read More


Company culture
Look in the mirror and identify your company culture

“Company culture” is a buzzword that’s been around for a while, but your culture may never have mattered as much as it does in today’s transparency-driven business arena. Customers, potential... Read More


Consider all the tax consequences before making gifts to loved ones

Consider all the tax consequences before making gifts to loved ones Many people choose to pass assets to the next generation during life, whether to reduce the size of their... Read More


Choosing the right accounting method for tax purposes

Choosing the right accounting method for tax purposes The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method —... Read More


Keep an eye out for extenders legislation

Keep an eye out for extenders legislation The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last... Read More