Business Consulting and Planning

IRS Sets Standard Mileage Rates for Vehicle Use in 2024 by Steven Rubin, CPA

Posted on January 22, 2024 by Steven Rubin

The IRS announced the inflation adjustments taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes in tax year 2024. Taxpayers also have the option to calculate these expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2024, the standard […]

Podcast – BPB Knows the Corporate Transparency Act

Posted on January 18, 2024 by Joel Young

In this episode Associate Director of Tax Services Joel Young shares the background of the Corporate Transparency Act and who business owners will need to report.

IRS Announces Inflation-Adjusted Individual Tax Rates for 2024 by Tony Gutierrez, CPA

Posted on January 11, 2024 by Anthony Gutierrez

The IRS released the annual cost-of-living adjustments to various provisions of the tax code for 2024. Marginal Income Tax Rates The following seven tax rates apply to income individuals earn in 2024. 37 percent for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly) 35 percent for incomes over $243,725 […]

Pain Points Persist for Qualified Opportunity Zone Investors, Developers by Arthur J. Lieberman

Posted on January 09, 2024 by Art Lieberman

Opportunity Funds are entering their seventh year since being introduced under the Tax Cuts and Jobs Act of 2017. While initial hiccups from slow guidance and COVID are now behind us, new issues, challenges and pain points continue to emerge for investors and sponsors. Tax Benefits of Qualified Opportunity Funds As a refresher, qualifying investments […]

Podcast – BPB Knows Recruiting

Posted on January 04, 2024 by Joseph Saka

In this episode, head of recruiting Mari-Luque Hanchett talks about what makes a successful recruiting strategy and how we assist clients in filling executive and professional roles.

New eFiling Requirement for Businesses that Receive Cash Payment of More than $10,000 by Cherry Laufenberg, CPA

Posted on November 28, 2023 by Cherry Laufenberg

Certain businesses receiving cash payments exceeding $10,000 must electronically file IRS Form 8300 beginning on Jan. 1, 2024, rather than filing a paper return. According to the IRS, although many cash transactions are legitimate, Form 8300 aims to combat tax evasion, drug trade, terrorism financing and other criminal activities. The new reporting requirement applies to […]

IRS Postpones Deadlines for Taxpayers Impacted by Terrorist Attacks in Israel by Angie Adames, CPA

Posted on November 15, 2023 by Angie Adames

The IRS is delaying various U.S. tax reporting and filing deadlines for businesses and individuals directly impacted by the Oct. 7, 2023, terrorist attacks on Israel. Qualifying taxpayers described below now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. Individuals whose principal residence or […]

Cash Flow Management is Key to Businesses Health by Debra Sears, CPA

Posted on November 07, 2023 by Debra Sears

Cash is king, especially when it comes to small businesses. An entrepreneur’s ability to effectively manage cash flow ultimately can mean the difference between success and failure. To keep the cash flow engine operating at optimal performance through economic headwinds, such as rising interest rates and tightening of credit availability, business owners should consider the […]

FASB Approves More Detailed Income Tax Reporting Standard for Public and Private Companies by Brent Leslie, CPA

Posted on October 31, 2023 by Brent Leslie

The Financial Account Standards Board (FASB) recently voted to approve a new accounting standard that will require U.S. businesses to disclose significantly more details about their global income tax liabilities beginning as early as 2025. The move is a part of the FASB’s larger effort to improve the effectiveness of disclosures in the financial statement […]

Outsourcing CFO Services Yields Significant Benefits for Small, Mid-Size Businesses by Debra Sears, CPA

Posted on October 17, 2023 by Debra Sears

Operating a small business comes with a wealth of opportunities and an equally abundant set of complexities, including tax reporting, regulatory compliance and meticulous financial recordkeeping. For many entrepreneurs, hiring full-time professionals to oversee these functions in-house is simply unaffordable. Instead, a growing number of businesses are turning to outsourced CFO services for on-demand assistance with […]

Category: Business Consulting and Planning