News

Guaranteeing a loan to your corporation? There may be tax implications.

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults…

Disabled family members may be able to benefit from ABLE accounts.

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account,…

Why Your Company Needs a Financial Statement Audit.

Did you ever wonder why a non-public company would elect to go through the process of having an annual financial statement audit performed by an independent CPA? There are several reasons that an annual financial statement audit is considered to be a sound business practice. …

Can you deduct student loan interest on your tax return?

The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject…

Pocket a tax break for making energy-efficient home improvements

An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the…

BS&P Quarterly Connect – Q2 2023 Recap

To view our BS&P Quarterly Connect – Q2 2023 Recap click: BS&P Quarterly Newsletter Quarter 2 2023 Recap

Retirement account catch-up contributions can add up.

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs  Eligible taxpayers can make extra catch-up contributions of up to…

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”.

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir…

BS&P Student Newsletter – June 2023

To view our BS&P Student Newsletter – June 2023 click: BS&P Student News Letter June 2023

That email or text from the IRS: It’s a scam!

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the…