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ACCOUNTING | 5/20/2024 Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your …
BUSINESS MANAGEMENT | 05/14/2024 Strategic planning and risk management are essential to securing the future of any business. With many privately held businesses expected to undergo ownership transitions in the coming years, proactive planning becomes even more critical to safeguard business value, personal assets, and family interests against uncertainty. Preparing Your Business for Succession Taking …
GIFT & ESTATE | 05/01/2024 Effective estate planning is essential to ensure your assets are distributed according to your wishes while minimizing tax liabilities. From utilizing trusts and gifting strategies to leveraging life insurance and charitable giving, thoughtful planning can make a significant difference. With potential changes in tax laws on the horizon, consulting with …
CORPORATE TAX | 04/19/2024 Maximizing Tax Savings: Understanding the Interplay Between Section 179 and Bonus Depreciation Tax planning has evolved from a year-end exercise into an ongoing, strategic process. With regular consultation becoming essential, one significant opportunity for businesses lies in leveraging Section 179 and bonus depreciation. These provisions, particularly following changes introduced by the …
REGULATION | 04/05/2024 If your small business is looking to conserve cash or make the most of excess inventory, bartering for goods or services can be an effective solution. While bartering—the world’s oldest form of trade—has been revolutionized by the internet, it remains subject to specific tax rules. Whether you’re trading goods or exchanging services, …
BUSINESS MANAGEMENT | 04/02/2024 In the modern business environment, technology and data accuracy are critical for effective decision-making and operations. For organizations undergoing software transitions—such as accounting, tax, or financial management systems—ensuring clean data is essential to avoid reporting errors, poor decision-making, and wasted resources. If your organization is preparing for a mission-critical software conversion, …
PROPERTIES | 04/01/2024 Key Insights for Filing a Real Estate Tax Appeal Property tax assessments play a critical role in determining your real estate tax obligations, which fund essential community services like education and public safety. However, inaccurate assessments can lead to overpayment of taxes. Understanding the assessment process and knowing how to navigate the …
BUSINESS MANAGEMENT | 03/22/2024 Optimizing Back-Office Operations for Franchise Success Whether you’re franchising a restaurant, gym, or another service-based business, maintaining organized back-office records and implementing effective accounting processes—both physically and digitally—is essential. A well-managed back office ensures financial stability and supports the growth of your franchise. The Role of the Back Office in Franchises …
CORPORATE TAX | 03/24/2024 If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA credit applies to tips that your staff …
TAX PLANNING | 03/03/2024 Key insights Establishing a trust can be a crucial part of estate planning, but understanding how the trust’s income will be taxed is equally important. Changes such as those introduced by the American Taxpayer Relief Act of 2012 (ATRA), which increased income tax rates and introduced the Net Investment Income Tax …