Advisory & Consulting

4 Year-End Tax Planning Ideas for Your Small Business

September 12, 2022

Now that summer is over, it’s a good time to think about taking steps that may help lower your small business taxes for this year and next. Year-end tax planning strategies may include the standard year-end approach of deferring income and accelerating deductions to minimize taxes, which will likely produce the best results for most…

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inflation reduction act

What You Need To Know About the Inflation Reduction Act

August 24, 2022

President Biden signed the Inflation Reduction Act (the Act) into law on August 16, 2022, a wide-ranging $740 billion health care, tax, and climate bill. The Act contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It’s intended to reduce the…

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collaborative arrangements

What You Should Know About Collaborative Arrangements

August 10, 2022

Today, many companies share research or technology to develop new products. Manufacturers might enter into a joint venture to conduct scientific research to design a new medical device, or a watchdog group might work with a production company to create and distribute a documentary film. How revenue and other payments between the parties are reported…

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business closing

What Tax Obligations Do I Have if My Business Closes?

July 26, 2022

Due to the pandemic and the economy, many businesses have been forced to close. If this is your situation, there are various tax responsibilities that must be met. Basic requirements A business must file a final income tax return and some other related forms for the year it closes its doors. The type of return…

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business inflation

7 Ways Inflation May Impact Your Financial Statements

May 26, 2022

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services…

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business accounting

Adding a New Partner? Tax Considerations for Your Partnership

April 28, 2022

Adding a new partner to a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that your bases in your partnership interests are…

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