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...
by Brian Hare, CPA, CGMA | Feb 22, 2025 | Blog, Business, News
Last night, the Michigan Legislature finalized changes to the Earned Sick Time Act (ESTA, HB4002) and minimum wage law (SB8). Those changes were sent to the Governor’s desk. Gov Whitmer signed the bills today, Friday, Feb. 21. These Bills didn’t repeal the laws going...
by Brian Hare, CPA, CGMA | Feb 18, 2025 | Blog, Business, Tax
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or...
