Engaging in a merger or acquisition (M&A) can help your business grow, but it also can be risky. Buyers must understand the strengths and weaknesses of their intended partners or acquisition targets before entering the transactions. A robust due diligence process does more than assess the reasonableness of the sales price. It also can help […]
Read More Best practices for M&A due diligenceSenate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chair Jason Smith (R-MO) have announced a $78 billion bipartisan bill dubbed the Tax Relief for American Families and Workers Act. It includes several tax-related changes. For example, it would temporarily expand the Child Tax Credit and enable more taxpayers to benefit […]
Read More The Tax Relief for American Families and Workers ActIRS has started simplifying millions of complicated taxpayer notices ahead of the filing season – CNBC https://bit.ly/3UaNuk2
Read More IRS has started simplifying millions of complicated taxpayer notices ahead of the filing seasonDeducting advertising costs for businesses
Read More Deducting advertising costs for businessesBusiness owners can generally deduct ordinary and necessary costs of doing business if they can prove them. One man faced a slew of issues including claims for business deductions such as rent, insurance and utilities, supported only by bank records and profit and loss statements. The IRS called these documents unreliable and insufficient. He also […]
Read More It is ordinary and necessary?State Corporate Income Tax Rates and Brackets, 2024 https://bit.ly/490FxSQ
Read More State Corporate Income Tax Rates and Brackets, 2024With the arrival of 2024, employers can opt to offer their employees pension-linked emergency savings accounts (PLESAs). Authorized by the SECURE 2.0 Act, these are individual accounts within a defined benefit plan, though participation in the defined benefit plan isn’t required. PLESAs are designed to encourage saving for emergencies, with a maximum balance of $2,500, […]
Read More Pension-linked emergency savings accountsDoes your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The threshold for electronically filing most information returns has dropped from 250 to 10. Before the […]
Read More There’s a new threshold for electronically filing information returnsNew rules that require companies to report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) went into effect on Jan. 1, 2024. The rules aim to promote corporation transparency, and the Treasury Department generally doesn’t expect the filing process to unduly burden businesses. According to Treasury Secretary Janet Yellen, […]
Read More Beneficial Ownership reportingThe IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. 1. What are this year’s deadlines? The filing deadline to […]
Read More Answers to your tax season questions
