Choosing a Business Entity? Don’t Overlook Double Taxation

Are you thinking of launching a new business as a C corporation? Beware of double taxation. First, the company will pay tax at the entity level. Then the individual shareholders may owe additional tax when they receive dividends and other taxable distributions or sell their shares. Reducing corporate taxable income can lessen the impact. For […]

Don’t Let Poor Records Cost You a Tax Deduction

If you’ve made or plan to make charitable donations this year, keeping complete records can help support a deduction on your federal tax return. Beginning with the 2026 tax year, taxpayers who claim the standard deduction rather than itemizing can deduct up to $1,000 of cash contributions to qualified charities. Taxpayers who want to deduct […]

What’s a “small business,” and why does it matter?

Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may enjoy several important tax advantages. But the rules for specific tax provisions vary. So, depending on your size, you might be eligible for some so-called small […]

IRS announces ACA adjustments for 2027

The IRS has announced Affordable Care Act (ACA) indexing adjustments for 2027. For plan years beginning in 2027, the required contribution percentage used to determine whether employer-sponsored health coverage is “affordable” under the ACA will be 10.22% (up from 9.96% for 2026). If the percentage of household income that certain employees must contribute to pay […]

Divorce and IRAs: Avoid Costly Tax Mistakes

Divorce can have important IRA tax consequences. If you’re divorced or legally separated by year end, you generally can’t deduct contributions you make to your former spouse’s traditional IRA. Taxable alimony and separate maintenance payments typically count as compensation for IRA contribution limit purposes. To divide IRA assets tax-free, the transfer generally must be made […]

Create a more agile F&A team with cross-training

The accounting profession continues to face a talent shortage. This trend — driven by retirements among experienced accountants and bookkeepers and a limited pipeline of new graduates with accounting degrees — is forcing many organizations to rethink how their finance and accounting (F&A) team operates. As businesses prioritize flexibility and continuity, cross-training is a practical, […]

How to Avoid the foreign transfer tax

If you’re sending money abroad, beware of a possible 1% excise tax. Effective Jan. 1, 2026, the tax generally applies to transfers of cash, money orders or cashier’s checks from U.S. senders to foreign recipients via certain remittance transfer providers such as Western Union and MoneyGram. But transfers made via credit or debit card, bank […]

Selling products “Made in America”

Is That Business Expense Really Tax Deductible?

How do you know if a business expense is tax deductible? The tax code says you can write off “ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” An ordinary expense is common or customary in your industry. And a necessary expense is one that’s helpful […]

A Simple Family Loan Can Become a Taxable Gift

Making a personal loan to a family member or friend can create unexpected tax issues. If the loan carries little or no interest, the IRS might treat all or part of it as a taxable gift under the below-market loan rules. To pass muster with the IRS, your loan should be backed by a written […]