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New Business Travel Per Diem Rates Effective October 1
Are you and your employees frustrated by the time-consuming task of documenting and reviewing travel expenses? The IRS offers simplified methods for reimbursing employees’ out-of-town lodging, meals and incidental expenses. Here’s what you’ll need to know to determine if this simplified approach is right for your business. High-Low Method Under the “high-low method,” the IRS…
What’s the Proper Tax Treatment for Intangible Assets?
Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn’t. Taxpayers may be surprised by the expansive IRS definition of “intangible asset” and the impact it can have on their tax bills.
Options for Unused 529 College Savings Accounts
Section 529 plans can be a tax-smart way to save for college and other qualified education expenses. Contributions to these plans aren’t deductible for federal tax purposes, but earnings and gains accumulate federal-income-tax-free. Then you can take federal-income-tax-free withdrawals to cover qualified education expenses. What happens if a 529 account turns out to be overfunded…
Tax Considerations When Adding a New Partner
Learn the tax rules that may apply if you bring a new owner into a partnership, or into a limited liability company that’s treated as a partnership for tax purposes.
The Importance of Timely Delivery of SBA’s Required Financial Statements for 8(a) Government Contractors
For small businesses operating as 8(a) government contractors, adhering to the Small Business Administration’s (SBA) requirements is imperative. Among these requirements, timely delivery of financial statements holds significant importance. It serves as a cornerstone for effective financial management, regulatory compliance, and long-term business success.
Four Midyear 2023 Tax Planning Tips for Small Business Owners
Mid-July isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to current federal tax laws at least through 2024. 1. Establish a Tax-Favored Retirement Plan…
Six Ideas for Lowering Your Personal 2023 Taxes
Although summer is a time for vacations and relaxing in the backyard, you can’t afford to take a break from managing your tax bill. Now is a good time to think about proactive moves that could cut your 2023 tax liability. Here are six ideas for individual taxpayers to consider, assuming the current federal tax…
Tax Considerations of Earnouts when Buying or Selling a Business
Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in many deals. The structuring of such transactions could have significant tax implications that affect the ultimate value for both parties. The Basics Earnout provisions generally…
Risk Management: 8 Ways to Reduce Business Insurance Costs
How much money is your business spending on insurance products? Insurance is often a major business expense, and it can be a lifesaver when the unexpected happens. However, higher spending doesn’t necessarily equate to better coverage. Rather than focusing on just the price, it’s important to match insurance products and coverage levels with your business’s…
How ERM Helps Organizations Navigate Their ESG Journey
ESG (Environmental, Social, and Governance) frameworks provide a sustainable approach to doing business. Existing ERM tools can help support these efforts.
Federal Gift and Estate Tax Breaks due to Inflation
Inflation is generally bad news, however; it does bring tax breaks in the form of bigger annual inflation adjustments. In fact, many federal tax parameters for the 2023 tax year are up about 7% over the amounts for 2022. Here are the details — plus inflation-adjusted estimates for the 2024 tax year to tide you…