by Brian Hare, CPA, CGMA | Jul 16, 2025 | Uncategorized
The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions....
by Brian Hare, CPA, CGMA | Jun 25, 2025 | Uncategorized
If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict...
by Brian Hare, CPA, CGMA | May 7, 2025 | Uncategorized
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to...
by Brian Hare, CPA, CGMA | Mar 20, 2025 | Blog, Business, Tax
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan...
by Brian Hare, CPA, CGMA | Mar 11, 2025 | Blog, Business, Tax
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If...
