Operating as a C corporation: Weigh the benefits and drawbacks

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation. Tax implications A C corporation allows the […]

IRS announces pilot program on alternative dispute resolution

The IRS announced it has initiated pilot programs to make the alternative dispute resolution (ADR) process faster and easier. This process helps taxpayers who have unresolved issues with the IRS. It’s informal, confidential and voluntary. The pilot programs focus on Fast Track Settlement (FTS) and Post-Appeals Mediation (PAM). FTS is a program that allows the […]

Filing Season Opens

Tax filing season is set to begin on Jan. 27. Businesses must file wage statements and certain information returns with the federal government by Jan. 31. Filing the required forms error-free by the deadline not only helps payers and recipients avoid penalties but also helps the IRS fight fraud by making it easier to verify […]

Enhance financial reporting by forging a partnership between internal and external auditors

Many calendar-year entities are currently preparing for the start of audit fieldwork. One proactive way to facilitate your financial statement audit is to encourage teamwork between your internal audit department and external auditors. Consider the following four tips to foster a more collaborative relationship. 1. Reach out regularly By scheduling meetings between internal and external […]

California disaster relief announced

The IRS has announced tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds, which began on Jan. 7, 2025. These taxpayers now have until Oct. 15, 2025, to file various federal individual and business tax returns and make tax payments. For example, individual returns due on April 15 can […]

Adoption tax credits: Easing the financial journey of parenthood

There are two tax breaks that help eligible parents offset the expenses of adopting a child. In 2025, adoptive parents may be able to claim a credit against their federal tax for up to $17,280 of “qualified adoption expenses” for each child. This is up from $16,810 in 2024. A tax credit is a dollar-for-dollar […]

The IRS’s secret history as prohibition enforcers

The tax treatment of intangible assets

Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions. What are intangible assets? The term “intangibles” covers many items. Determining whether an acquired […]

Trump to create External Revenue Service

Many changes lay ahead as President-elect Donald Trump gears up to take office on Jan. 20. Among the changes, Trump announced he’ll “create the External Revenue Service (ERS) to collect our tariffs, duties and all revenue that comes from foreign sources.” Currently, the IRS collects certain foreign revenue, and the U.S. Customs and Border Protection […]

Penalty free withdrawal from IRA available for disasters

Recent major disasters, including hurricanes in the east and wildfires in the west, have left many people with serious financial challenges. Those impacted by federally declared disasters may qualify for expanded access to their retirement funds if their principal home is in the disaster zone. They must also have experienced economic loss, such as displacement, […]