What types of expenses can’t be written off by your business?

Monday, January 29, 2024
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax...... Read More

Overview of the offsetting rules

Thursday, January 25, 2024
As companies explore hedging strategies in today’s uncertain economy, management might need to become familiar with the accounting rules for offsetting. Here are the basics, including what needs to be...... Read More

Contributing to your employer’s 401(k) plan: How it works

Tuesday, January 23, 2024
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great...... Read More

The Social Security wage base for employees and self-employed people is increasing in 2024

Monday, January 22, 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income...... Read More

Accounting for M&As

Thursday, January 18, 2024
Business merger and acquisition (M&A) transactions have significant financial reporting implications. Notably, the company’s balance sheet will look markedly different than it did before the business combination. Here’s some guidance...... Read More

Facing a future emergency? Two new tax provisions may soon provide relief

Tuesday, January 16, 2024
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA...... Read More

Business automobiles: How the tax depreciation rules work

Monday, January 15, 2024
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply...... Read More

Shareholder advances: Debt or equity?

Thursday, January 11, 2024
From time to time, owners of closely held businesses might need to advance their companies money to bridge a temporary downturn or provide funds for an expansion or another major...... Read More

Are scholarships tax-free or taxable?

Tuesday, January 09, 2024
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how...... Read More

How IRS auditors learn about your business industry

Monday, January 08, 2024
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS...... Read More