In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners… Read More »Want to find out what IRS auditors know about your business industry?
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause… Read More »You can only claim a casualty loss tax deduction in certain situations
For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of… Read More »5 questions to ask about your marketing efforts
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal… Read More »Getting a divorce? Be aware of tax implications if you own a business
Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher… Read More »Does your employer provide life insurance? Here are the tax consequences
Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid… Read More »Expanding succession planning beyond ownership
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor… Read More »Possible tax consequences of guaranteeing a loan to your corporation
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for… Read More »ABLE accounts may help disabled or blind family members
In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA,… Read More »IRS additional guidance addresses COBRA assistance under ARPA
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the… Read More »Large cash transactions with your business must be reported to the IRS
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax… Read More »Scholarships are usually tax free but they may result in taxable income
Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of… Read More »Is your business underusing its accounting software?