Timelines: 3 ways business owners should look at succession planning
Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of ownership, in a manner that best ensures continued success.
Ideally, the succession plan you develop for your company will play out over a long period that allows everyone plenty of time to adjust to the changes involved. But, as many business owners learned during the pandemic, life comes at you fast. That’s why succession planning should best be viewed from three separate but parallel timelines:
Read More
Construction business owners: Prepare now for possible tax law changes
The Tax Cuts and Jobs Act (TCJA) was signed into law in 2017 and generally took effect at the start of 2018. It brought sweeping changes to various aspects of tax law for both individuals and businesses.
But many of its provisions aren’t permanent. In fact, some of the most important ones are scheduled to expire after 2025. Although the outcome of the November election is expected to affect the fate of many expiring provisions, now’s still a good time for construction business owners to read up on the impending tax law changes and plan for their potential impact.
Read More
Figuring corporate estimated tax
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax.
Read More
Pay attention to the tax rules if you turn a hobby into a business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business.
Read More
Beneficial Ownership Information - FAQ's
The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities such as terrorist financing and money laundering. If your business can be defined as a “reporting company” under the CTA, you may need to comply with the new Beneficial Ownership Information (BOI) reporting rules that took effect on January 1, 2024.
Read More
News Release! BOI Compliance Filing Automated
We have developed a separate entity, partnered with a software company, and have an automatic API interface with FinCEN to handle all the requirements related to CTA and BOI initially and on a recurring subscription basis.
We would love the opportunity to help you or any of your clients who have the requirement(s) to file under the CTA legislation.
Read More
What contractors need to know about bonding capacity
Construction companies are required to obtain surety bonds on many types of projects — particularly those that are publicly funded. The bonds essentially guarantee that the work will be completed one way or another. Contractors are urged to manage their operations and financials carefully to preserve or, better yet, increase bonding capacity. But what is this, really?
Read More
There still may be time to reduce your small business 2023 tax bill
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities.
Read More
Is your business subject to the new BOI reporting rules?
The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities such as terrorist financing and money laundering. If your business can be defined as a “reporting company” under the CTA, you may need to comply with new beneficial ownership information (BOI) reporting rules that take effect on January 1, 2024.
Read More
2023 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Read More
IRS suspends processing of ERTC claims
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest small business owners being scammed by unscrupulous promoters who submit questionable claims on their behalf.
Read More
ACA penalties will rise in 2024
Recently, the IRS announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility penalties under the Affordable Care Act (ACA).
Read More
2023 Q2 tax calendar: Key deadlines for businesses and employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Read More
Some taxpayers qualify for more favorable “head of household” tax filing status
When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer.
Read More
Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers:
Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 during 2022.
Tuesday, April 18 is the deadline for making the first quarterly estimated tax payment for 2023, if you’re required to make one.
Read More
