Business Owners

IRS Sets 2025 HSA Contribution Limits by Brendan Kurpis, CPA

Posted on June 11, 2024 by Brendan Kurpis

The IRS has released the inflation-adjusted limits that qualifying taxpayers may contribute to health savings accounts (HSAs) in 2025. These triple-tax-advantaged accounts can help participants afford the rising costs of healthcare today and save for even higher expenses during retirement. Background HSAs are powerful healthcare savings tools that provide participants with the following tax benefits: […]

Podcast – BPB Knows Pass-Through Entity Tax

Posted on June 06, 2024 by Maxwell Jewell

In this episode Associate Director of Tax Services Max Jewell shares opportunities and challenges related to the pass-through entity tax and states where it can make a big tax difference.

Ransomware Attacks Continue to Rise Among Small and Mid-Size Businesses by Brandon Bowers

Posted on June 04, 2024 by Brandon Bowers

According to the latest industry reports, ransomware attacks surged in 2023, accounting for nearly one-quarter of all data breaches and costing businesses worldwide an average of $5.13 million.[1] More alarming still, businesses’ security teams detected only 33 percent of all ransomware breaches, whereas 27 percent were disclosed by the attackers, and 40 percent were uncovered […]

Florida Adds a Second Disaster-Preparedness Sales Tax Holiday for its Residents by Karen Lake, CPA

Posted on May 29, 2024 by Karen Lake

To help Floridians prepare for hurricane season, the state legislature has enacted two 14-day sales-tax holidays for the purchase of a wide variety of qualifying disaster-preparedness supplies. The first holiday runs June 1 through 14. The second one, a first in the state, is set for August 24 through September 6. During both of these […]

Protect Yourself and Your Business from Wire Fraud by Brandon Bowers

Posted on May 24, 2024 by Brandon Bowers

Wire payments continue to be one the quickest and easiest methods for individuals to send large amounts of money to others anywhere in the world. However, these electronic transfers made through banks or third-party service providers like Western Union can be rife with fraud and legal risks for the parties involved. Some of the most […]

Florida Moves Closer to Eliminating Sales Tax on Commercial Rent by Luke Lucas, CPA

Posted on May 23, 2024 by Luke Lucas

Effective June 1, 2024, Florida sales tax on rent and license fees for commercial property will be reduced from 4.5 percent to 2.0 percent, representing an estimated $1 billion in tax relief for Florida businesses. Florida is one of nine states that does not impose income tax on its residents, but it is also the […]

Podcast – BPB Knows Getting Started with Estate Planning

Posted on May 16, 2024 by Sarah Gaymon

In this episode Director of Tax Services Sarah Gaymon shares some reasons why everyone needs an estate plan and how to get started.

IRS Makes changes to EO Determination Letters for 501(c)(3)s by Adam Cohen, CPA

Posted on May 14, 2024 by Adam Cohen

Earlier this year, the IRS introduced Rev. Proc. 2024-5, which requires public charities organized as 501(c)(3)s to follow new procedures when requesting IRS reclassification as a different tax-exempt entity. Nonprofit entities seeking tax-exempt status generally must file Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, within 27 months […]

Benefits of Working with Recruiting Specialists to Fill Finance, Accounting Positions by Mari Luque-Hanchett

Posted on April 30, 2024 by Joseph Saka

Businesses spend significant time and resources recruiting and hiring professionals for accounting and finance positions. In the current job market, the entire process can take more than six months. To reduce these burdens and enable your company’s executives to focus their efforts on growing your business, consider working with a third-party recruiting firm specializing in […]

Are you Ready for Tax Changes Ahead? by Michael Brennan, CPA

Posted on April 25, 2024 by Michael Brennan

Many of the taxpayer-friendly provisions of the tax code introduced by the Tax Cuts and Jobs Act (TCJA) in 2017 are set to expire at the end of 2025, exposing individuals and businesses to the prospect of significantly higher tax liabilities beginning in 2026. While it is possible lawmakers will intervene and extend some provisions […]

Category: Business Owners