The Corporate Transparency Act (CTA) was enacted on January 1, 2021 and went into effect on January 1, 2024. The law requires certain companies to disclose “beneficial ownership” information to the Financial Crimes Enforcement Network (“FinCEN”). The law aims to improve transparency of ultimate beneficial owners of entities formed or registered to do business in […]

Small business owners tend to run their businesses as efficiently as possible. This can result in what would be viewed as standard fringe benefits for midsize and larger companies, such as a retirement plan, not being offered to employees of small businesses. If this is the case for your small business, don’t give up on […]

For those that qualify, you can make a deductible contribution to a traditional IRA up until the tax filing date of April 15, 2024 and benefit from savings on your 2023 return. Who is eligible? You can make a deductible contribution to a traditional IRA if: You and your spouse aren’t active participants in an […]

According to recent reports, global business travel in the post-pandemic worlds is still going strong. A report from Research and Markets stated that the market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030. If you are a business owner and travel for business, do you know what costs can […]

In today’s day and age, just about every company uses some kind of accounting software to track, manage, and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s […]

Throughout the year of 2023 did you make large gifts to your children, grandchildren or others? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax […]

There are two traditional accounting methods business use to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent […]

As the new year unfolds, businesses often find themselves entrenched in the day-to-day grind, striving to build momentum and secure success for the months ahead. Yet, amidst the hustle and bustle, it’s crucial not to overlook the vital process of strategic planning. In an ever-evolving business landscape, competitors are relentlessly refining their strategies, making it […]

Navigating the labyrinth of tax filing statuses can be a daunting task, particularly for married couples faced with the decision of whether to file jointly or separately. This pivotal choice not only determines your tax rates and eligibility for certain deductions but also carries significant implications for your financial liability. Understanding the nuances of each […]

Embarking on the journey of starting your own business as a sole proprietor is an exciting endeavor filled with promise and potential. However, amidst the thrill of entrepreneurship, it’s crucial to navigate the intricacies of tax considerations that come with this venture. Here are nine essential tax factors to ponder as you set forth on […]