Blog
Can You Deduct Business Travel?
If you or your employees are heading out of town for business this summer, it’s important to understand what travel expenses can be deducted under current tax law. To qualify, the travel must be necessary for your business and require an overnight stay within the United States. Note: Under the
Tax & Legislative Update “One Big Beautiful Bill Act”
Congress is currently debating a sweeping piece of legislation titled the One Big Beautiful Bill Act (H.R. 1), which carries major implications for both individuals and businesses. While the bill has already passed in the House, the Senate is actively reviewing it and just passed its tax plan version with a
What to Know About Harvesting Capital Losses as a Tax-Saving Strategy
Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be able to harvest a tax-saving capital loss by selling the loser security. However, for federal
Estimating Fair Value
Many balance sheet items are reported at historical cost. However, current accounting standards require organizations that follow U.S. Generally Accepted Accounting Principles (GAAP) to report certain assets and liabilities at “fair value.” This shift aims to enhance transparency and reflect an entity’s current financial position more accurately. However, estimating fair
Beware of the 100% Penalty
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from employees’ paychecks. In this situation, the IRS can assess the trust fund recovery penalty, also called the 100% penalty, against any responsible person. It’s called the
Hiring Your Child Can Provide Your Business Tax Savings
With summer fast approaching, you might be considering hiring young people at your small business. Did you know that hiring your children can help you save on family income and payroll taxes? It's a win-win situation for everyone! Here are three tax benefits. 1. You can transfer business earnings Turn
Minimizing Taxes on Inherited Assets: How the Step-Up in Basis Works
When someone passes away and leaves assets to heirs, the recipients often receive a valuable but sometimes misunderstood tax benefit known as the step-up in basis. This rule can significantly reduce capital gains taxes for the beneficiary and is also an important consideration in estate planning. What Is Basis? Basis
“Reasonable Compensation” Rules for C Corps and S Corps: What Business Owners Need to Know
Setting reasonable compensation is one of the most important — and often overlooked — compliance issues for C corporation and S corporation owners. Getting it wrong can lead to IRS audits, reclassified income, back taxes, penalties, and a major headache. Whether you’re paying yourself too much or too little, the
Why do Businesses Use QuickBooks for Bookkeeping?
Accurate financial records are essential for managing cash flow, meeting tax obligations, and supporting strategic planning. A solid bookkeeping software provides the foundation for sound business decisions and long-term growth. There is a large number of bookkeeping software for businesses on the market today but QuickBooks® still remains the one
Congrats 2025 Graduates!
Congratulations 2025 graduates and a special shoutout to those close to our people and teams! Your hard work, dedication, and resilience have paid off. Cheers to chasing dreams, embracing challenges, and building a bright future!