Tax, Accounting, and Business Insights

For federal income tax purposes, the general rule is that rental real estate losses are considered passive activity losses (PALs). Generally, individual taxpayers can only deduct PALs to the extent they have passive income from other sources. For instance, if you earn positive taxable income from other rental properties, that income typically counts as passive

In the wake of the severe storms, tornadoes, and flooding that struck Arkansas in early April, both the IRS and the State of Arkansas have announced significant tax relief measures for affected individuals and businesses. Federal Tax Relief: Extended Deadlines for All Arkansas Counties The IRS is providing automatic tax relief to all 75 Arkansas

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.

Natural disasters — like wildfires and tornadoes— can wreak havoc at any time. Last May was a particularly active tornado season across the United States, including at least six tornadoes and straightline winds that devastated multiple counties in Arkansas. Just last month, South Carolina saw a 2,000+ acre wildfire break out near neighbors close to Myrtle Beach, and no one can forget the shocking images of the Eaton County, California wildfires just a few months ago. No matter where you live, it’s important to be prepared in the event of an evacuation with little notice.

Besides necessities like clothing, medication, and toiletries, you should ensure that part of your emergency plan includes important documents for all family members in an easily accessible place. Below, we’ll be covering 18 essential documents to include in your emergency plan.

Payroll tax compliance is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all taxes withheld. Organizing

Several tax provisions introduced under the Tax Cuts and Jobs Act (TCJA) of 2017 are set to expire at the end of 2025 unless Congress passes legislation to extend them. Below, we’re sharing four important tax provisions that could impact you if they expire at the end of the year.

If you run your business from home, you might be able to claim a home office deduction.

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during

When it comes to owning a farm, every dollar saved is integral to maintaining operations for generations to come. Are you taking advantage of the farming tax breaks available at both the federal and state level?

“How long do we have to keep business records?” Our business clients frequently ask us this question.

A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you and your business.

With the 2025 tax filing season underway, be aware that the W2 and 1099 deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: W2 Forms Form W-2, Wage and