Posted on January 28, 2025
by
Karen Lake
The IRS has issued tax relief to individuals and businesses affected by the devastating wildfires in southern California. Taxpayers who live in or own a business in a federally declared disaster area automatically receive an extension to file various federal tax returns and make tax-associated payments originally due between Jan. 7, 2025, and Oct. 15, […]
One of the most vexing problems encountered by growing companies is the identification and management of “underminers” who lurk silently in the shadows, sowing discontent and dissatisfaction that creates a negative drag on the business culture. Sometimes referred to as “bad apples” or “negative nellies,” these individuals engender pessimism, anxiety and insecurity among teammates in […]
The passage of the SECURE Act 2.0 in 2022 introduced sweeping changes to help enhance taxpayers’ retirement savings opportunities and improve the costs and managerial headaches employers face administering employee benefits plans, including 401(k)s, 403(b) and 457(b) plans. Since that time, employers of all sizes have gained expanded tax credits for establishing employee retirement savings […]
Posted on January 14, 2025
by
Steven Rubin
The IRS released the standard mileage rate taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes in tax year 2025. Taxpayers also have the option to calculate these expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2025, the […]
Taxpayers can contribute more pre-tax dollars to their employer-sponsored retirement savings plans in 2025, but their contributions to Individual Retirement Accounts (IRAs) remain unchanged from the previous year. Employer-Sponsored Retirement Plans In 2025, employees may contribute up to $23,500 to a workplace 401(k), 403(b) and certain 457 plan, a $500 increase from the previous year. […]
Posted on January 08, 2025
by
Jonathan Kraes
Following are the annual inflation adjustments to various provisions of the tax code, which you will use when you file your 2025 federal income tax returns in 2026. It is important to recognize that some of these tax rates, deductions and exemptions will expire or reset at the end of the year under the Tax […]
Posted on December 23, 2024
by
Jairan Shirazi
One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […]
In this episode Director of Transaction Advisory Services Fabio De Filippo, CPA, shares considerations for business owners who are planning to sell their companies and the steps they should take to get everything in order to maximize opportunities,
Posted on December 16, 2024
by
Maxwell Jewell
Since the enactment of the Tax Cuts and Jobs Act (TCJA) in 2017, several states have proposed optional pass-through entity taxes (PTETs) to help their residents escape the law’s $10,000 limit on deductions for state and local taxes (SALT) payments on their personal income tax returns. However, because the PTET requirements can vary widely from […]
Posted on December 11, 2024
by
Scott Bouchner
Real estate litigation involving disputes over financial mismanagement, theft and fraud require detailed analysis of financial records using various techniques, tools, and computer software to uncover the facts and assist in a resolution. These reports and the expert testimony of forensic accountants are critical to helping attorneys build their cases. Financial malfeasance and fraud can […]
