If you're a philanthropist that receives traditional IRA distributions, there’s a charitable tax advantage you should know about involving cash donations to a charity approved by the IRS.  What are qualified charitable distributions? The most relied upon method of transferring your IRA assets to your preferred charity is through an age-restricted tax provision. If you're […]

June 15th is the next deadline to make quarterly tax payments. If you're a business or individual who must pay, now is an excellent time to review the way corporate federal estimated payment calculations work. Your goal is to minimize your business's estimated tax liability without getting dinged with an underpayment penalty.  Four ways to […]

If you're a business partner, you may find yourself confused during tax season. In any given year that you receive a distribution of your partnership income, you could be taxed for more than you actually received. How is this possible? It's because of how U.S. taxation is set up to tax partners and their partnerships. […]

The continuing trend of rising inflation has investors and business owners on high alert. The U.S. The Bureau of Labor Statistics has also tracked the steady rise in consumer pricing, which has seen an 8.3% increase over the last year. Its findings are based on the Consumer Price Index (CPI), which measures changes in cost […]

This year new business expense relief is coming from the federal government. Under a new COVID-19 relief provision, the standard 50% deduction for business meal costs has been doubled to 100% for any food and beverages bought at restaurants for 2021 and 2022.  This increase means the entire cost of customer meetings at your favorite […]

Over the past decade, the accounting industry has seen many rule changes that affect reporting of certain items on balance sheets. One such change is the guidance that certain items be reported at “fair value.” Read on to learn more about this new reporting standard and how to measure it accurately. What is fair value? […]

For some small businesses, switching to an S-corporation entity structure from a C-Corp can reduce federal employment taxes. Despite the financial savings your company can enjoy while operating under this new classification, there are some additional taxation liabilities to keep in mind before making this change.  To better understand how your business could be impacted […]

When they first start out, many small businesses use the cash-basis method of accounting. However, many eventually switch to accrual-basis reporting in order to conform with U.S. Generally Accepted Accounting Principles (GAAP).  This quick guide can help you decide which method is right for your business. The cash-basis method of accounting Businesses using the cash-basis […]

Businesses and other employers should take note of these key tax-related deadlines for the second quarter of 2022.  April 18 Calendar-year corporations must use Form 1120 file a 2021 income tax return or use Form 7004 to file for an automatic six-month extension. Any tax due must be paid. Corporations must pay the first installment […]