5.13.24
The Tax Advantages of Including Debt in a C Corporation Capital Structure
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more…
5.7.24
Tax Bill Currently Stalled in Congress and Its Effect on Manufacturer’s Income Taxes and Investment in Research and Development
On January 31, 2024, the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (HR 7024). This legislation is…
5.7.24
Federal Regulators Expand Overtime Pay Requirements, Ban Most Noncompete Agreements
The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are exempt from federal overtime…
5.6.24
Tax Considerations When Adding a New Partner at Your Business
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are…
4.29.24
When Partners Pay Expenses Related to the Business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as…
4.29.24
The Importance of Working Capital in the Construction Industry
What is working capital? What does it mean, and why is it important to your business? Working Capital Ratio = Current Assets / Current Liabilities…
4.25.24
IRS Extends Relief for Inherited IRAs
For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions…
4.22.24
When Businesses May Want To Take a Contrary Approach With Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to…
4.15.24
Don’t Have a Tax-Favored Retirement Plan? Set One up Now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for…
4.8.24
Scrupulous Records and Legitimate Business Expenses Are the Key to Less Painful IRS Audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should…