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7.29.21

The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being…

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7.28.21

Audit, Review or Compilation: How Are They Different?

In the accounting world, the terminology used to define the level of assurance your manufacturing company has been provided from a CPA firm as it…

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7.28.21

Independent Contractor vs. Employee – Beware: Worker Classification Is an IRS Hot Button

A business can realize important advantages by treating a worker as an independent contractor (IC) rather than an employee. But simply labeling someone an IC…

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7.28.21

How to Leverage Digital Transformation in Manufacturing

If there’s one thing that’s always been true of manufacturing, it’s that it marches hand-in-hand with evolving technology. As digital transformation marches forward, you want…

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7.27.21

Now May Be the Right Time to Acquire a Business

The COVID-19 pandemic has resulted in financial losses for many businesses, including manufacturers. As a result, some owners may be looking for an exit strategy.…

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7.26.21

First-Year Bonus Depreciation and Sec. 179 Expensing: Manufacturers Beware of the Pitfalls

Many manufacturers are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a manufacturer’s cash flow, but…

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7.19.21

Getting a New Business off the Ground: How Start-up Expenses Are Handled on Your Tax Return

  Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June…

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7.14.21

Does Your Nonprofit Owe Tax on Its Sponsorships and Advertising?

Your not-for-profit may prefer to avoid activities that subject it to unrelated business income tax (UBIT). But if you accept advertising or sponsorships that aren’t…

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7.12.21

Cryptocurrency Donations: Will Your Nonprofit Accept Them?

Cryptocurrency has gone mainstream, and if you’ve been sitting on the fence about accepting donations in virtual currency, it’s time to make a decision. But…

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7.12.21

Who in a Small Business Can Be Hit With the “Trust Fund Recovery Penalty?”

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called…