Business Owners

The Immediate Impact of 754 Elections When Selling, Buying or Liquidating Partnership Interest by John G. Ebenger, CPA

Posted on February 04, 2020 by John Ebenger

The sale, exchange or liquidation of partnership interest in appreciated property, such as real estate, is a common occurrence among partners and members of partnerships and LLCs taxed as partnerships. Whether due to disagreements among the partners, the death or divorce of a partner, or the addition of new partners, these transactions can result in […]

IRS Guidance Puts Businesses in a Tight Spot with New Parking Rules by Richard E. Cabrera, JD, CPA

Posted on January 30, 2020 by Richard Cabrera

Since Congress passed the Tax Cuts and Jobs Act (TCJA) in December 2017, it has focused a lot of attention on the new law’s lower individual and corporate tax rates. What Congress is not publicizing are some the revenue raisers it wrote into the TCJA to pay for the new tax cuts, including the elimination […]

How Growing Businesses Can Hack QuickBooks Reporting to Combine Multiple Entities by Debra Sears, CPA

Posted on January 30, 2020 by Debra Sears

QuickBooks has long been the go-to financial reporting and accounting solution for small-to-mid-size businesses. However, as these companies grow and take on more complex organizational structures, they may find it challenging to combine the financial data and analytics of multiple entities. Rather than continuing to operate with sub-par data or investing significant dollars into robust […]

IRS Updates Standard Mileage Rates, Guidance for 2020 by Lewis Taub, CPA

Posted on January 29, 2020 by Lewis Taub

The IRS updated the standard mileage rates that taxpayers may use to substantiate the costs they incur, and may be reimbursed by their employers, when they use their personal cars, vans or trucks for business purposes. These are the rates taxpayers will use beginning on Jan. 1, 2020, for the tax returns they will file […]

IRS Updates Rules, Per Diem Rates for Business Travel Expenses by Andreea Cioara, CPA

Posted on January 21, 2020 by Andreea Cioara

The IRS recently updated the daily rates that employers may use to reimburse their employees for the ordinary and necessary expenses incurred when traveling for business purposes, including the costs that workers pay out of their own pockets for lodging, meals and entertainment, rental cars and car-share services. In general, companies have two options when […]

How Can Individuals Prepare for the Start of Tax Season? by Rick D. Bazzani, CPA

Posted on January 16, 2020 by Rick Bazzani

The 2020 tax season officially begins on January 27, when the IRS will begin accepting and processing individuals’ electronically filed tax returns for 2019. With the federal filing deadline on Wednesday, April 15, taxpayers have just two-and-a-half months to gather important documents, meet with their tax advisors and pay any outstanding tax liabilities from 2019. […]

Strong Passwords, Two-Factor Authentication Are Critical to Identity-Theft Protection by Jeffrey M. Mutnik, CPA/PFS

Posted on January 14, 2020

Two of the easiest steps you can take to protect yourself from identity theft, cyberthreats and loss of personal information and/or money is to 1) use strong passwords and 2) rely on multi-factor authentication when logging into their online accounts. With the start of the 2020 tax season and the proliferation of scams targeting taxpayers […]

Employers Face Looming Payroll-Tax Filing Deadline by Jack Winter, CPA/PFS, CFP

Posted on December 30, 2019 by Jack Winter

Businesses have until January 31, 2020, to file employee wage statements and non-employee compensation forms with the federal government for tax year 2019. Failure to correctly and timely file this information may result in penalties and back wages and back taxes. The Forms to File Employers must provide IRS Forms W-2, Wage and Tax Statement, […]

IRS Guidance Puts Businesses, Non-Profits in a Tight Spot with New Parking Rules by Richard Cabrera, JD, LLM, CPA

Posted on December 30, 2019 by Richard Cabrera

Businesses Can Simplify Expense Reporting with Affordable Mobile Apps by Debra Sears, CPA

Posted on December 27, 2019 by Debra Sears

Forward-thinking businesses are embracing technology and the convenience of mobile apps to improve the efficiency of routine administrative tasks, including expense reporting. Not much has changed over the past decade in the way in which employees submit expense reports. Workers are responsible for tracking their expenditures, recording them as line-items on Excel spreadsheets and saving […]

Category: Business Owners