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Deducting Employee Bonuses

November 3, 2023

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

Exit Strategy Planning

November 1, 2023

Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for, and, in some cases, reduce, the tax impact.

2024 Social Security Wage Base Increase

October 31, 2023

In a recent announcement, the Social Security Administration stated that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023).

2024 Per Diem Rates as of October 1

October 30, 2023

The IRS recently announced the special “per diem” rates that became effective October 1, 2023. Here are the basics of these rates.

Pay Transparency

October 20, 2023

Nonprofits whose states or municipalities have passed pay transparency laws must comply by, for example, revealing salary ranges in job postings. But even if you’re not required to, consider adopting these practices.

M&A Transactions & Taxes

October 18, 2023

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.

Fundraising Commitment

October 17, 2023

If your not-for-profit focuses the majority of its fundraising energy on the holiday season and year-end period, you may risk cash-flow problems. A solid fundraising commitment plan can help you make fundraising an ongoing process.

Spouse-Run Business

October 16, 2023

Do you and your spouse operate a profitable unincorporated small business? If so, a spouse-run business is generally classified as a partnership and can face some challenging tax issues.

2023 Depreciation Adjustments

October 12, 2023

Inflation has some beneficial side effects for business owners. One is that the 2023 depreciation adjustment amounts increases the possible tax breaks your business.

Nonprofit Disaster Plan

October 11, 2023

Almost no region of the United States has escaped natural disasters recently, so if your organization doesn’t have a NFP disaster plan, it needs to put one in place immediately.

Getting a Divorce?

October 10, 2023

If you’re getting a divorce, you know it’s a stressful time. But if you’re a business owner, tax issues can cause more stress. We can help you plan for the best post-divorce tax outcome.

Preparation for NFP Audit

October 9, 2023

Don’t let the preparation for your NFPs annual audit become a last-minute sprint. Plan early so you’ll have the right records ready for review.

Sec. 199A Deduction

October 9, 2023

The Sec. 199A deduction is a potentially valuable tax break if your manufacturing company operates under one of the applicable pass-through entity types such as an S corporation, partnership or limited liability company, and you meet certain eligibility requirements.

Guaranteeing a Loan

October 5, 2023

If you are guaranteeing a loan to your corporation and it goes into default, there may be tax consequences. You don’t want to be caught unaware.

Exit Strategy Planning for Manufacturers

September 29, 2023

It’s smart for manufacturing business owners to have a well-planned exit strategy. Do you know what your plan should cover?