Business Website Expenses: How They’re Handled for Tax Purposes
With most businesses having a website today, it’s important to understand how these costs are treated for tax purposes. While the IRS hasn’t issued specific guidance on website expenses, there are general tax rules that can help guide the treatment of these costs, including considerations for software and hardware expenses. Tax Treatment of Hardware Website-related […]
Restricted Gifts: What to Do When Strings Are Attached
Brad, the development director of an international environmental charity, was excited to hear that a past supporter was pledging a new, six-figure donation. But there was a catch: the donor wanted to restrict how and where her donation was used. While Brad welcomed the donation, he knew that restricted gifts come with specific responsibilities. If […]
Understanding Your Obligations: Does Your Business Need to Report Employee Health Coverage?
Providing health coverage is a valuable part of employee benefits, yet the administrative responsibilities tied to offering insurance can be challenging to navigate. A key part of compliance is understanding the reporting obligations for federal agencies, such as the IRS. Here’s what you need to know to determine if your business must comply and what […]
Tax Planning Considerations in Light of the 2024 Election: What You Need to Know as a Taxpayer
With Donald Trump poised to return to the White House next January, tax planning will be a top priority as his administration looks to fulfill campaign promises related to tax reform. One of the most pressing issues will be the expiration of key provisions from the 2017 Tax Cuts and Jobs Act (TCJA). This law […]
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, […]
