Is your business safe from an uncertain future? When you’re ready to retire, you should have a clear plan for who will assume ownership of the company and how you’ll protect the wealth you’ve built as owner. This article discusses some important issues associated with a family business succession plan.
Let’s say you receive a tip that someone inside your company is stealing. An investigation is launched and there is evidence of fraud. But important details of the investigation are mishandled, which results in the company losing out on the opportunity to recoup losses, prosecute those involved and set an ethical tone. To help ensure a successful outcome, here are six mistakes to avoid when investigating internal fraud.
Small businesses may qualify for three big tax breaks that aren’t available for larger entities: 1) the qualified business income deduction, 2) cash-method accounting, and 3) the Section 179 depreciation deduction for qualified asset additions in the first year they’re placed in service. Some tax-savvy business owners also combine the benefits of a home office deduction with a heavy business vehicle purchase. Here’s what you should know.
Authoritative IRS guidance on whether members of multi-member limited liability companies (LLCs) owe self-employment tax is lacking. Here’s an overview of the existing guidance and a U.S. Tax Court decision on this issue. For owners of single-member LLCs, the question isn’t in doubt — but the answer isn’t taxpayer friendly.
Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires TPSOs to significantly increase reporting of financial…
Home ownership can be a financially rewarding investment, especially when you factor in the potential tax savings opportunities. This article summarizes various federal tax breaks that sweeten the deal for homeowners today, including the home sale gain exclusion, itemized deductions for mortgage interest and property taxes, credits for certain “green” home improvements and more.
During the 2007–2008 financial crisis, many seniors saw their retirement savings plummet. That lesson is still fresh in the minds of workers who are nearing retirement today. In the face of market uncertainty, many worry that their retirement savings won’t last through their senior years. If your company doesn’t offer a traditional pension benefit, several financial service companies have in-plan annuity options for 401(k) plans that may help address these concerns.
Section 6050I of the Internal Revenue Code requires that any trade or business that receives more than $10,000 in cash in one or more related transactions must report this information to the IRS on Form 8300.
On January 13, 2022, the United States Supreme Court issued a stay of the Occupational Safety and Health Administration’s (OSHA) COVID-19 Vaccination and Testing Emergency Temporary Standard (ETS)
Here’s an overview of the common fraud scams in play today, along with ways perpetrators persuade victims to let down their guards.