General Tax

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2024 Q1 Tax Deadlines

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligations.
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Employee Retention Credits (ERC) with Magen Koepp

PODCAST: In this episode we speak with Olsen Thielen Audit Principal and Employee Benefit Plan Specialist Magen Koepp to talk about the Employee Retention Credit (ERC).
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Business Deductions

You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
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Cost Segregation Study

A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.
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2024 Standard Mileage Rates

The Internal Revenue Service has issued the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Repair or Improvement

For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences.
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General Business Credit

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).
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IRS Audit Techniques Guides

IRS examiners use publications called IRS Audit Techniques Guides to prepare for audits in certain industries and those with various issues. The publications are available to the public, so you can read them to gain insight into what the IRS looks for in terms of compliance.
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Nursing Home Tax Breaks

When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.
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Irrevocable Life Insurance Trust

Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it’s important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax.
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Tax Planning Strategies for the Next Year with Charlie Sparks

PODCAST: In our latest episode, our Tax Director, Charlie Sparks, shares his top tax planning strategies for the upcoming year. With just two months remaining in the current year, Charlie recommends that it's the perfect moment to kickstart your tax planning, especially if you're a business owner.
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Business Auto Tax Depreciation Rules

Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).
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Foundation or Donor-Advised Funds

Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.
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The 2023-2024 Tax Planning Guide

Do your tax planning strategies need a refresh? Our 2023-2024 Tax Planning Guide will guide you on dealing with tax changes as your situation evolves, whether due to life events, economic developments or new tax laws.
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Deducting Employee Bonuses

Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that lets a business enjoy a tax deduction this year while its
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