Certain businesses may be allowed to claim large first-year depreciation tax deductions for eligible real estate costs instead of depreciating them over several years. Is this the right choice for your business? You may assume so, but the answer is not as simple as it seems. Qualified improvement property For eligible assets placed into service […]

The fate of a family home can be an emotionally charged estate planning issue for many people, and emotions often run high when dealing with assets like vacation homes that can have a special place in one’s heart. With that in mind, it’s essential to address your estate planning carefully when deciding what to do […]

Recently. the IRS released updated guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust established or organized exclusively for the purpose of covering the “qualified medical expenses” of an “account beneficiary.”  An HSA can only be established for the advantage of an “eligible individual” who is […]

For high-income taxpayers, there’s already a regular tax rate of 35% or 37%. In addition to this, they might be required to pay a 3.8% net investment income tax (NIIT) on top of regular income tax. Luckily, there are a few ways you may be able to reduce the impact of the NIIT. Who are […]

If you and your employees are hitting the road for work-related travel this summer, there are several considerations to keep in mind. To claim deductions under tax law, you must meet specific requirements for out-of-town business travel within the United States. These rules apply if the business you’re conducting reasonably requires an overnight stay. Note […]

If you plan on claiming tax deductions for auto expenses or business meals, you should expect them to be closely reviewed by the IRS.  In some situations, taxpayers may have incomplete documentation or try to create records months or years after the fact. In doing so, they fail to meet the strict substantiation requirements that […]

Tax season is officially over, and if you’ve completed your 2022 tax return and sent it to the IRS, you might think you’re finished with taxes for another year. But you may still have some lingering questions about your return your return. Here are the answers to three frequently asked questions that come up for […]

Generally Accepted Accounting Principles (GAAP) is commonly known as the benchmark for financial reporting in the United States. However, both public and private entities occasionally use non-GAAP metrics in their press releases and disclosures or when seeking financing. GAAP vs. Non-GAAP GAAP comprises a framework of rules and procedures that accountants typically follow to record […]

Recent high-profile bank failures have raised concerns about the reliability of accounting auditing standards. U.S. government agencies are still investigating the reasons behind the collapses of Silicon Valley Bank and Signature Bank earlier this year.  However, it’s likely that these banks exploited some gray areas in the accounting rules to make them appear more economically […]