Many business owners take an informal approach to controlling costs, tackling the issue only when it becomes an obvious problem. A better way to handle it is through proactive, systematic...... Read More
With new tariff structures looming and global trade relationships in flux, businesses face rising uncertainty in supply chain costs and inventory planning. As countries iron out the details of future...... Read More
If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay...... Read More
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income...... Read More
Today’s companies have several kinds of tax-advantaged accounts or arrangements they can sponsor to help employees pay eligible medical expenses. One of them is a Health Reimbursement Arrangement (HRA).Under an HRA,...... Read More
Under U.S. Generally Accepted Accounting Principles (GAAP), property, plant and equipment (PPE) assets aren’t immediately expensed. Instead, they’re capitalized on your company’s balance sheet and gradually depreciated over their useful...... Read More
Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring.1. When...... Read More
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions...... Read More
At first glance, the word “concentration” might seem to describe a positive quality for any business owner. You need to concentrate, right? Only through laser focus on the right strategic...... Read More
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...... Read More
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