As an owner of an S-Corp, understanding the concept of reasonable compensation is crucial for tax planning and compliance. Learn about the IRS’s reasonable compensation rules for determining how much should be taken in the form of wages versus pass-through income.
Discover the common mistakes made when setting growth goals and how to avoid them. Learn how to create a clear and achievable plan to take your business to the next level.
Title: South Carolina Withholding Tax Tips for Remote Employees The South Carolina Department of Revenue (SCDOR) recently released a summary of tips to assist employers dealing with withholding tax compliance for their remote workforce. The rules for remote employees are complicated in many states & the pandemic made this a critical priority for many employers. […]
A revocable living trust, or RLT, offers many benefits, including probate avoidance, privacy, and flexibility in managing assets during one’s life, incapacity, and death. However, despite their popularity as an estate planning tool, there are many misconceptions surrounding revocable trusts that lead to confusion and misunderstandings. Watch this video to learn about the top six misconceptions.
Now that Research & Experimentation expenses must be amortized over several years, many companies are looking for ways to increase deductions and reduce taxable income. Here are three opportunities to potentially accelerate depreciation and reduce your tax liability.
Financial statement preparers should consider the impact of new tax laws and regulations on income tax calculations and disclosures in their 2022 financial statements.
State digital asset tax policy progressed in 2022 and could make further strides in 2023, despite decreased enthusiasm for certain digital assets.
A recent tax planning strategy has emerged which benefits owners of many businesses that are structured as partnerships, LLCs, LLPs, or S-corporations. A carefully planned analysis of the business’ tax filings can provide a way to reduce an owners’ taxable income from the business due to the adoption of changes in how the entity reports […]
Employment and income tax withholding rules for equity compensation
Pass-through entities and partners alike should understand the compliance changes associated with the IRS’s recent release of updated draft Schedules K-2 and K-3.
This annual timeline highlights milestones in the legislative cycle and details the latest state of play for each as they come into view.
IRS releases inflation adjustments for 2023. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
Consider state and local tax ramifications, such as nexus and filing requirements, when relocating supply chain components to build resilience.
Tax changes in the Inflation Reduction Act could affect middle market businesses despite targeting large corporations and high-income individuals.
The IRS issued FAQs regarding the Superfund chemical excise tax (FS-2022-31) and tax rates (IR-2022-132) today to help those taxpayers who may be impacted by the Superfund excise taxes. The taxes are set to be reinstated beginning on July 1, 2022. There are two separate Superfund chemical excise taxes: a tax imposed on the sale […]
In November 2021, North Carolina enacted Senate Bill 105 which includes a new elective pass-through entity tax (“PTET”) filing options for certain NC companies. This law change allows entities taxed as partnerships or S-corporations to elect to pay an entity level state income tax for taxable years beginning on or after January 1, 2022. Owners […]
The announcement of Phase 2 of this grant also includes the ability for companies that previously received federal or NC financial hardship incentives to participate. Phase 1 of the program (which closed a few months ago) prevented companies which had received a PPP loan, NC Job Retention Grant, or EIDL advance from qualifying for this […]
Grooming future leaders and mapping out a succession plan in advance is one of the best ways to mitigate the risk of losing key personnel and prepare for the future needs and growth of an organization. This video offers tips and best practices for creating and implementing a succession plan for your nonprofit.
Ransomware is a significant threat for business owners of any size, and the damages can be catastrophic. This video will explain what ransomware is and provide seven tips on protecting you and your company.
The Infrastructure Investment and Jobs Act passed in November ended the employee retention credit (ERTC) early, changing the eligible wages to only those paid before Oct. 1, 2021 rather than Jan. 1, 2022 as previously expanded in the American Rescue Plan Act. This change does not apply to recovery startup businesses. Many businesses were filing […]
When it comes to running any organization, proper financial management is critical. One of the most important decisions you’ll make is if and when to hire a Chief Financial Officer. While many organizations may not be ready for a full-time CFO, they may significantly benefit from hiring an outsourced CFO.
Real estate owners who have purchased, constructed or renovated real estate should consider performing a cost segregation study to accelerate depreciation and defer income taxes. Watch now to learn more.
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
A business valuation helps to determine the fair market value of a company and may be needed for a variety of reasons such as buying or selling a business, transferring equity, developing an estate plan or purchasing insurance. In this video, we’ll cover why you might need a valuation and the common methodologies used to determine value.
Budget law reduces taxes for both businesses and individuals with rate cuts; adopts a state and local tax deduction workaround.
A revised version of the Build Back Better Act released by the House includes sweeping changes to the U.S. international tax system.
The lifetime gift tax exemption is at an all-time high of $11.7 million per individual and $23.4 million per couple but may be reduced in the near future by potential legislation. This video provides an overview of the Spousal Lifetime Access Trust and how it can help couples maximize their lifetime gift tax exemption.
Companies may be able to realize additional tax savings through state tax credits and other incentive programs.
The House of Representatives Ways and Means Committee recently released draft legislation that would increase taxes to help pay for the proposed $3.5 trillion spending package. In this video, we briefly cover some of the more important proposed tax changes.
Real estate and business personal property taxes, together, are one of the largest generators of state and local tax revenue.
On Sunday, Sept. 12, 2021, House Democrats outlined revenue raisers needed to offset a $3.5 trillion spending package. Then, on Monday, Sept. 13, 2021, House Ways and Means Committee Chairman Richard Neal (D-Mass.) circulated a draft bill that would ‘preliminarily’ raise $2.9 trillion from proposed tax increases and enhanced taxpayer compliance (mostly from increased IRS […]
Employers impacted by COVID-19 that may be eligible for the employee retention tax credit (ERTC) finally have some additional guidance from the IRS that addresses a few unanswered questions, although some outstanding questions are still unanswered. Background The ERTC was originally enacted by in the CARES Act in March 2020. Its use by taxpayers was significantly increased […]
North Carolina Senate pushes forward major tax reform bill, continuing down the path to repeal the state’s corporate income tax.
South Carolina becomes the latest state to enact a state and local tax deduction limitation workaround joining at least a dozen others.
President Biden has announced The American Families Plan, representing a $1.8 trillion proposal focused on investing in increased childcare, healthcare, and education initiatives while extending many of the middle-class focused tax credits that were signed into law as part of the American Rescue Plan earlier this year. These initiatives and tax credits will primarily be […]
The IRS recently published Rev. Proc. 2021-20, providing a safe harbor regarding the accounting period in which to claim deductions paid for with PPP funds. This safe harbor allows taxpayers to elect to deduct expenses in the first tax year after the taxpayer’s 2020 taxable year return versus filing an amended return or administrative adjustment request. […]
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act) provided a number of changes to the Employee Retention Tax Credit (ERTC). Most of these changes are only applicable starting Jan. 1, 2020 and (at the time) only applied to the first two quarters of 2021. Congress has since extended the ERTC from […]
In 2020, the IRS introduced Form 1099-NEC for reporting nonemployee compensation. Learn about Form 1099-NEC and how it differs from Form 1099-MISC.
If you donate to charitable organizations, you might want to consider establishing a donor-advised fund. A donor-advised fund is a charitable tax-saving tool that enables you to maintain a certain level of control over how funds are distributed while receiving immediate tax benefits.
All businesses face a variety of risks, which is why it’s important to have contingency plans in place to deal with unexpected events. In this video, you will learn 5 important steps to contingency planning for your business.