As a family business owner, determining the future of the business can be a complicated process considering the business also holds sentimental value to the family. If you are running a business and want to keep the business in the family, you will want to address how to incorporate estate planning with succession planning. Question […]

As digital assets such as cryptocurrencies become more popular, it is important to stay compliant with the IRS guidelines with reporting these transactions on your tax returns. The definition of digital assets Digital assets are defined by the IRS as any digital representation of value that’s recorded on a cryptographically secured distributed ledger (also known […]

The IRS has released new contribution amounts for employees for 2026 Health Savings Accounts. These amounts are adjusted for inflation and will allow employees to save more in their HSA accounts. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” […]

In today’s information-rich world, businesses must adapt to increasing demands for transparency, particularly when it comes to compensation. Pay transparency, the practice of openly sharing pay structures and policies, is becoming a key factor in maintaining trust with employees, job candidates, and even the public. Despite this trend, many businesses still lack a formal pay […]

If you’re wondering whether you can itemize deductions on your tax return, you’re not alone. Many taxpayers, especially those who make charitable contributions or have other significant expenses, often question whether they should itemize or take the standard deduction. The key is to compare your potential itemized deductions—such as mortgage interest, state and local taxes, […]

Under the newly signed Corporate Transparency Act (CTA) many businesses will have a new reporting requirement this year. Under this new act, if your business is deemed a “reporting Company” you may fall under the Beneficial Ownership Information reporting rules beginning in 2024 Who’s who? A reporting company includes any corporation, limited liability company or […]

Instead of stock option awards companies have started offering restricted stock awards. Restricted stock awards are popular because stock options can lose their value overtime. If your restricted stock loses value overtime, your company can issue more shares to make up for the loss in value. Restricted stock awards can be a great way to […]

Whether you are restructuring your current business or starting a new one, you should use careful consideration when choosing the entity type for your business. There are many entity types to consider when deciding what entity will benefit your business the most. You may decide the most beneficial entity type would be a C Corporation […]

Given the advancements of technology in the business world, most companies are sitting on a lot of sensitive data that could be abducted, exploited, corrupted or even destroyed. Of course, there is always danger of outside parties hacking your network to do harm but there are also, internal risks – namely, your “privileged users”. Simply […]

If your employer offers a 401(k) plan that you do not participate in, you might be wondering if you should be. Normally it could save you on your taxes while you are contributing to your retirement. These plans help you accumulate savings for retirement and receiving a tax advantage while doing it. If you are […]