General Tax

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Possible Tax Reform Could Affect Timing Strategies

October 4, 2017

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into

How Some Spouses Attempt to Hide Income and Assets During Divorce

October 3, 2017

Parties to divorce sometimes accuse their spouses of hiding income or assets. Unfortunately, such accusations occasionally are true.

Tax Planning Critical When Buying a Business

September 11, 2017

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious.

Material Participation Key to Deducting LLC and LLP Losses

August 7, 2017

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages.

ESOPs Offer Businesses Tax and Other Benefits

July 31, 2017

With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement.

All Fringe Benefits Aren’t Equal for Tax Purposes

July 19, 2017

A fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services. But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit.

Three Types of Information Your Nonprofit’s Board Needs

June 26, 2017

Information is power. And regularly supplying information to your not-for-profit’s board of directors is the key to the board properly fulfilling its duties. This doesn’t mean you have to share every internal email or phone message. Board members should, however, receive and understand information that will help them work together

Consider Tax Consequences Before Making an Employee a Partner

June 20, 2017

Offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should watch out for.

Loans Between Your Business and Its Owners

June 12, 2017

It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity?

Choosing Best Way to Reimburse Employee Travel Expenses

June 6, 2017

If your employees incur work-related travel expenses, it is critical that you comply with IRS rules to secure tax-advantaged treatment for your business and your employees.

Business Owners: When it Comes to IRS Audits, Be Prepared

May 23, 2017

Don’t let an IRS audit interrupt your day-to-day responsibilities. By taking a meticulous, proactive approach to how you track, document and file your company’s tax-related information, you’ll make an audit much less painful and even decrease the chances that one happens in the first place.

Risks and Rewards of Operating Across State Lines

May 16, 2017

With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.

Corporate Credit Card or Expense Reimbursement?

May 9, 2017

How management monitors employee expenses whether using reimbursement method or company credit cards is a key internal control of the business. There are some pros and cons for both options and they have slightly different nuances when it comes to monitoring the controls over these expenditures.

Choosing Between a Calendar Tax Year and a Fiscal Tax Year

May 2, 2017

Many businesses use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense.

Estate Planning – Managing Debt and Creating Other Important Documents

April 11, 2017

According to Credit.com, 73% of people had outstanding debt at their death. These people carried an average debt balance of $61,554, which includes mortgage debt. Without the mortgage debt, the average balance was $12,875.