DOs and DON’Ts to help protect your business expense deductions
June 25, 2025 | Brian Hare, CPA, CGMA
How to help protect your business expense deductions and to stand up to an IRS inspection.
Read MoreInformation returns that don’t match IRS records
May 3, 2022 | Paula Kennedy, EA
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect […]
The tax mechanics involved in the sale of business property
May 3, 2022 | Brian Hare, CPA, CGMA
There are many tax mechanics that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for property held […]
Valuable gifts to charity require a qualified appraisal
May 3, 2022 | Brian Hare, CPA, CGMA
If you donate valuable items to charity, you may be required to get an qualified appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements […]
Want to turn a hobby into a business?
May 3, 2022 | Paula Kennedy, EA
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses […]
Compensation reductions can’t go to FSA
May 3, 2022 | Megan Kosciolek, MST
Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that the most acute phases of the public health crisis seem to be over in some places. This decision is raising some interesting questions about fringe benefits. For example, in IRS Information […]
Looking for outside investors need a sturdy pitch deck
April 20, 2022 | Brian Hare, CPA, CGMA
Is your business ready to seek funding from outside investors? Perhaps you’re a start-up that needs money to launch as robustly as possible. Or maybe your company has been operating for a while and you want to pivot in a new direction or just take it to the next level. Whatever the case may be, […]
Tax considerations when adding a new partner
April 19, 2022 | Brian Hare, CPA, CGMA
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that your bases in your partnership interests are […]
Converting your home into a rental property?
April 19, 2022 | Ryan Burke, CPA, MSF
In some cases, homeowners decide to move to new residences, but keep their present homes as a rental property. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a […]
Converting from a C corporation to an S corporation
April 14, 2022 | Brian Hare, CPA, CGMA
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch. Here’s a quick rundown of the most important issues to […]
Once you file your tax return, consider these 3 issues
April 14, 2022 | Paula Kennedy, EA
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related […]