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…
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…
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…
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…
What is working capital? What does it mean, and why is it important to your business? Working Capital Ratio = Current Assets / Current Liabilities…
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…
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…
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…
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…
President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of…