After a relatively mild year for tax changes, future policy stands at a crossroads-with a confluence of expiring tax provisions, a new administration, and evolving economic factors that will shape the decisions of businesses and individual taxpayers alike. There are steps you can take before year-end to stay well-positioned even amid uncertainty. Capitalizing on tax-friendly…

In July of this year, we alerted you to new reporting obligations that became effective on January 1, 2023, affecting millions of privately owned small businesses. The Corporate Transparency Act (CTA) is an anti-crime law that seeks to uncover the concealment of illicit money through the use of shell and front companies. This is to remind…

If your business rewards your team’s performance with bonuses, there are tax implications to understand. You can generally deduct the cost of bonuses as compensation for services. If you use cash-method accounting, remember that you can only deduct bonuses paid by the end of the tax year to have them deductible that year. Accrual-method businesses benefit…

The IRS’s Business Tax Account (BTA) is an online self-service tool designed to help business taxpayers manage their tax responsibilities efficiently. BTA, launched last fall, is an important part of a wide-ranging initiative to reduce paper-based processes that hamper the IRS and frustrate taxpayers. The BTA aims to simplify tax management for businesses by providing…

With the new academic year approaching, the IRS recently issued timely guidance on employer-sponsored educational assistance programs under Section 127. The “frequently asked questions” (FAQs) fact sheet provides information on the tax treatment and benefits available to employees and employers. As an invaluable recruiting and retention tool, these programs offer significant tax advantages by allowing…

Real estate investment has long been an attractive option for investors seeking to diversify their portfolios and build long-term wealth. With it brings the potential for steady rental income, property value appreciation, and a hedge against inflation. Alongside these well-known benefits, however, lies a complex tax landscape that real estate investors must navigate. This article will…

Effective January 1, 2024, millions of privately-owned small businesses became subject to new reporting obligations under the Corporate Transparency Act (CTA), an anti-crime law that seeks to uncover the concealment of illicit money through the use of shell and front companies. In an effort to increase transparency of true ownership behind anonymous corporate structures, entities…

If you have more than 100 employees participating in your employee benefit plan (EBP), you may be required to undergo an EBP audit. For plan years beginning on or after January 1, 2023, the requirements for an EBP audit have changed. Defined contribution plans that have at least 100 participants with account balances in their…