Tax & Accounting
Audit
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Organizations with only one or two sources of revenue are particularly vulnerable to financial trouble. Now is the time to ensure your revenue streams are sufficiently diverse.
Treasury Secretary Steven Mnuchin announced that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15.
A Simplified Employee Pension (SEP) can still be set up for 2019, and you can make contributions to it that you can deduct on your 2019 income tax return.
GAAP-compliant construction businesses with a calendar year end now have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases.
There’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends because a corporation can deduct the salaries and bonuses that it pays executives.
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill.
If you’re a business owner, be aware that the Work Opportunity Tax Credit, a credit for hiring individuals from one or more targeted groups, has been extended.
A business valuation is a critical component of a successful exit strategy. Without knowing what your business is worth in the marketplace, it would be difficult to determine a sales price.
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules.
Depending on your entity type, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation.
Some of the laws surrounding the Wayfair decision could ensnare nonprofits that make taxable sales to other states — even if similar sales aren’t taxable in their home states.
Having a healthy cash flow is critical to keeping your company in prime shape to seize profitable opportunities and overcome financial challenges.