by Brian Hare, CPA, CGMA | Feb 1, 2023 | Blog, Tax, Uncategorized
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan...
by Brian Hare, CPA, CGMA | Jan 10, 2023 | Business, Tax, Uncategorized
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting...
by Brian Hare, CPA, CGMA | Dec 7, 2022 | Blog, Tax, Uncategorized
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals...
by Brian Hare, CPA, CGMA | Nov 21, 2022 | Blog, Business, Tax
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the...
by Brian Hare, CPA, CGMA | Oct 24, 2022 | Blog, Business, Tax
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from...
