As Q1 ends and Q2 begins for 2023 here are just a few of the upcoming tax deadlines that apply to business and individuals. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations […]

Fraud can happen in just about any Company. Occupational fraud can be defined as crimes committed by employees against the organizations that they work for. The most dangerous variation of fraud is executive fraud which is defined as, wrongdoings by those in the C-Suite. While your leadership team is likely made up of trustworthy colleagues, […]

If you have made large gifts to your children, grandchildren or other individuals last year, you may be required to file a gift tax return. Knowing the deadline of that return is very important so you can get it filed timely. Also, in some cases it might be a good idea to file a return […]

The Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact on many businesses. Several provisions in the law have expired or will expire in the next few years. One provision that ended is the deductibility for research and experimental (R&E) expenses. R&E expenses The TCJA has […]

Creating a multifunctional sales team. Most often than not, business owners are worried about teams working independently rather than collectively to reach organizational goals., Rather, than working in a bubble, it is most beneficial to share best practices amongst a multifunctional team. Among the most damaging effects of having silos within a business is poor […]

Do you have depreciated or worthless stock that you would like to claim losses on? You purchased stock in a company that later drops in value. Do not ignore the loss on this investment, you can at least claim capital loss deduction on your tax return. Below are the rules that apply when a stock […]

Advertising expenses both “ordinary and necessary”, should be protected. Advertising and marketing expenses have become extremely important to many businesses due to the increasing number of advertising media that are available in today’s market. It is evident that consistent advertisement has become the new norm. However, in order to be deductible, advertising and marketing expenses […]

If an employee is salaried and earns more than $200,000 annually they are ineligible for overtime pay. You may assume that any employee making that much must be salaried, but that is not always the case. This is demonstrated in the recent U.S. Supreme Court case of Helix Energy Solutions Group, Inc. v. Hewitt. The […]

There are few exceptions to including income received on your tax return. One of these exceptions is amounts received from a lawsuit or settlement for “personal physical injuries or physical sickness”. However, not all lawsuit and settlement awards are tax-free. For example, punitive damages and awards for unlawful discrimination or harassment are taxable. The tax […]

A heavy SUV may provide a better tax break than a smaller vehicle would. Smaller vehicles are depreciated differently from heavy SUV’s, so an SUV may be a sensible choice for your new business vehicle. Depreciation rules Business cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. […]