Why Keeping Your Business Separate from Its Real Estate Can Benefit You
If your business relies on real estate for its operations, or if your company holds property under its name, it may be worth exploring the advantages of separating the ownership of the property from the business itself. This separation can offer substantial tax benefits, asset protection, and estate planning flexibility, making it a strategic move […]
Understanding Agreed-Upon Procedures (AUP) Engagements: Does Your Business Need One?
In certain scenarios, a business might need the expertise of CPAs to perform agreed-upon procedures (AUP) rather than, or in addition to, a traditional review or audit. AUPs are a type of engagement that offers a targeted assessment on specific areas without providing an opinion or assurance. As defined by the American Institute of Certified […]
Reasons an LLC Might Be the Ideal Choice for Your Small to Medium-Size Business
Choosing the right business entity is a critical decision that can impact your taxes, personal liability, and overall business operations. For many small to medium-size businesses, a Limited Liability Company (LLC) can be an attractive option. An LLC offers a unique blend of liability protection and tax flexibility, combining features of both corporations and partnerships. […]
The Evolution of Financial Reporting: Navigating the Changing Landscape
In recent years, accounting rules have seen significant updates, particularly in the areas of revenue recognition, leases, and credit losses. While these changes can be frustrating for business owners and managers due to their complexity, they serve a vital purpose beyond compliance. Standardized financial reporting promotes investor confidence and supports the efficient functioning of capital […]
How to Prepare Your Business for an IRS Audit
The IRS has stepped up its audit efforts, primarily focusing on large businesses and high-income individuals. By 2026, audit rates for large corporations with assets exceeding $250 million are set to nearly triple. Partnerships with assets over $10 million will also experience a tenfold increase in audit rates. This enhanced scrutiny is part of a […]
Is Your Nonprofit Board Truly Independent? IRS Guidelines to Know
Are the members of your not-for-profit’s board truly independent? You might instinctively say “yes,” but ensuring director independence goes beyond simply avoiding conflicts of interest. The IRS has a specific four-part definition of independence, and if a majority of your board members don’t meet these criteria, your organization’s governance could be questioned by the IRS, […]
Understanding Your Obligations: Does Your Business Need to Report Employee Health Coverage?
Offering employee health coverage is a key component of many companies’ benefits packages, but managing the associated reporting requirements can be challenging. A major part of this involves understanding what federal agencies like the IRS require from your business. Here’s a breakdown of what you need to know about reporting employee health coverage. When is […]
Spread the Word About IRA Qualified Charitable Distributions
The SECURE 2.0 Act introduced new provisions for IRA qualified charitable distributions (QCDs) that can significantly benefit your not-for-profit organization—if your donors are aware of them. By familiarizing yourself with these updates and communicating their tax benefits effectively, you can inspire your supporters to contribute more through their IRAs. From QCDs to RMDs Let’s start […]
2024 Q4 Tax Calendar: Important Deadlines for Businesses and Employers
As the fourth quarter of 2024 approaches, here are some key tax deadlines that may impact businesses and employers. This list is not exhaustive, so additional deadlines might apply to your situation. Reach out to us to ensure you meet all applicable deadlines and to discuss your specific filing requirements. Note: Tax-filing and payment deadlines […]
Reminder: Profits and Cash Flow Are Not the Same
Many profitable businesses experience cash flow shortages, especially during periods of rapid growth. Business owners may find themselves puzzled by owing taxes while struggling to cover everyday expenses. The confusion often stems from the fundamental differences between profits and cash flow. Understanding Operating Activities Profits are closely linked to taxable income and are reported at […]
