Maximize Your Year-End Tax Planning: A Guide for Business Owners
As we approach the end of the year, it’s time for business owners to engage in strategic tax planning to optimize their financial positions and take advantage of potential tax savings. Here are some essential steps to consider as you prepare for the upcoming tax season: Review and Update Your Financials The foundation of effective […]
Protecting Your Assets with Carefully Crafted Trusts: Now is the time to seek the AAA of Estate Planning: Attorney, Advisor, Accountant
Creating a trust to safeguard your assets and provide for your heirs is a strategic move in estate planning. One essential consideration is ensuring that your trust is designed to take full advantage of the benefits provided by 26 U.S. Code § 1014, which grants a step-up in basis on inherited property. This step-up can […]
Mastering Board Meeting Minutes for Transparency and Accountability in Nonprofits
Crafting effective records for your nonprofit board meetings goes beyond a mere formality—it’s a key practice that can prove crucial in various scenarios. Whether your organization faces an IRS audit or your directors encounter legal challenges due to a board decision, the significance of well-documented meeting minutes cannot be overstated. To ensure their efficacy, it’s […]
Navigating Business Requirements for 1099-NEC Filing: A Comprehensive Guide
The 1099-NEC form plays a crucial role in tax reporting for businesses that engage with non-employee service providers. Understanding the requirements for data collection, compliance with IRS rules, due dates, and considerations for cleaning up vendor data is essential for accurate filing. In this comprehensive guide, we’ll delve into the importance of vendor W-9 forms, […]
Navigating the Sunset: Tax Deductions and Rates to Change in 2026
When the sun sets on the year 2025, it may also mark the impending sunset of several key tax provisions introduced by the Tax Cuts and Jobs Act (TCJA). These changes will have a significant impact on taxpayers, and it’s crucial to be well-informed and proactive in your financial planning. Below are some of the […]
Year-round Form 1099 & W-9 Compliance: Your Guide to Staying IRS-Compliant
Year-round Form 1099 & W-9 Compliance: Your Guide to Staying IRS-Compliant As a business owner, staying compliant with IRS regulations is crucial to avoid penalties and maintain smooth operations. One critical aspect of tax compliance is handling Form 1099-NEC and Form W-9 for independent contractors. In this article, we’ll walk you through the year-round process […]
7 Tips for Overwhelmed Business Owners: Why Hiring a Bookkeeper is Essential for Business Organization
Running a business is no small feat, and one of the major challenges many business owners face is managing the overwhelming amount of paperwork, software, and apps that come with the territory. As your business grows, so does the volume of financial transactions and administrative tasks. If you find yourself drowning in paperwork and struggling […]
You moved out of New York, but you left your Trust behind: Tax and Administrative Implications of New York Resident and Non-Resident Trusts
Trusts in General Trusts are utilized by individuals to efficiently transfer their assets to their loved ones, while minimizing estate tax implications. Establishing a properly drafted trust can shield the trust’s property from being included in the settlor’s gross estate for estate tax purposes, ensuring the assets are distributed as per the settlor’s wishes and […]
Mastering Construction-Based Bookkeeping and Project-Based Accounting
In the world of finance and accounting, the construction industry stands as a unique and challenging sector. Unlike traditional accounting, which deals with routine business transactions, construction accounting revolves around individual projects, demanding careful financial management from inception to completion. Accurate Job Costing: The Foundation of Success For construction firms, ensuring the profitability of each […]
Proper Trust Administration: Key Steps and Considerations
Trust administration is a multifaceted process that demands careful attention to detail, compliance with legal requirements, and effective communication with all stakeholders. To ensure that trusts are administered efficiently and in line with the grantor’s intentions, trustees must adhere to a series of essential steps and practices. INITIAL STEPS: The Trust Agreement: The trust agreement […]
