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Should You Convert Your Business from a C to an S Corporation?

May 30, 2024

There are several factors to consider when converting from a C corporation to an S corporation. Here are four of the tax issues you may face.

4 Bookkeeping Pitfalls for Small Businesses to Avoid

May 28, 2024

Some entrepreneurs underestimate the importance of maintaining organized books and records for financial reporting purposes. Here are four tips for building a solid bookkeeping foundation.

A Married Couple Filing a Joint Tax Return Makes the Spouses “Jointly and Severally” Liable for the Entire Tax Due.

May 23, 2024

An ex-wife was denied "innocent spouse" relief and was liable for the entire tax due for that year.

The Tax Advantages of Including Debt in a C Corporation Capital Structure

May 21, 2024

There are potential federal income tax advantages when you include debt in the capital structure of a C corporation. Here’s a rundown.

$5.5 Billion Visa/Mastercard Settlement for Businesses

May 20, 2024

Any business that accepted Visa or Mastercard credit or debit cards between January 1, 2004 and January 25, 2019 is potentially eligible to file a claim.

4 Cost-cutting Areas to Help Your Business Boost Profits

May 16, 2024

When was the last time your business performed a formal expense review? This exercise can pay off by lowering costs and raising profits.

Pay Attention to the Tax Rules if You Turn a Hobby into a Business

May 14, 2024

There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

Certain Small Business Owners May Qualify for Tax Breaks by Making Their Premises Accessible to People with Disabilities.

May 9, 2024

Small businesses may qualify for a credit of up to 50% off expenditures for making their premises accessible to the 61 million people in the US affected by disabilities.

IRS Extends Relief for Inherited IRAs

May 7, 2024

For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule”.

Watch Out for “Income in Respect of a Decedent” Issues when Receiving an Inheritance

May 2, 2024

Property you inherit generally isn’t included in income for tax purposes. However, there are certain items that may have to be included. Here’s the story.

When Businesses May Want to Take a Contrary Approach with Income and Deductions

April 30, 2024

Businesses: Do you expect federal income tax rates to go up, go down or stay the same in the future? If you think your rates could go up, here are some considerations.

Nonprofits Don’t Lose as Much to Fraud, but Risk Requires Action

April 25, 2024

Does your nonprofit train staffers and other stakeholders on how to recognize and report fraud? If not, you may risk financial losses you can’t afford. We urge you to implement these internal controls.

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