Tax, Accounting, and Business Insights

Here are some of the key tax deadlines affecting businesses and other employers during the third quarter of 2021.

In light of the Memorial Day weekend storms, straight-line winds and tornadoes that have affected our Northwest Arkansas communities, we wanted to provide some important information regarding IRS tax relief and the qualified disaster loss rules that may apply to you. IRS Postpones Certain Deadlines The IRS has announced that they will postpone certain tax

The U.S. Department of Labor recently announced new overtime rules titled “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees.” These rules will take effect on July 1, 2024. Here is what you need to know: New Overtime Rules Purpose The rule updates and revises the regulations for determining whether

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).

The 3.8% net investment income tax (NIIT) is an additional tax that applies to some higher-income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of the NIIT. Are you subject to the Net Investment Income Tax? You’re potentially liable for the

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target

In a partnership, adding a new partner has a number of financial and legal implications. Let’s imagine you and your partners want to add a new partner to the mix. By making a cash contribution, the new partner will have a one-third interest in the partnership. Assume that your basis in your partnership interests is

It is common for partners to bear the costs associated with the business of the partnership. This is particularly true in service-based partnerships like architecture or law firms. For instance, partners in service partnerships may have expenses for entertaining clients in order to cultivate new relationships. They may also have expenses for transportation to attend

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022.

Although the economy has bounced back from the uncertainties of the COVID-19 years, it can still be rough going for nonprofit organizations. According to Independent Sector, 2022 saw a 10% drop in donors. If your organization is struggling, you may need to report this in your financial statements. A going-concern evaluation will lay the groundwork

If you own a business or are embarking on an entrepreneurial journey, keeping meticulous business records of your income and expenses is non-negotiable. This practice is not only crucial for claiming every tax deduction you’re entitled to but also serves as your shield should the IRS scrutinize your tax returns. Effective recordkeeping and management of

Hiring your child to work for your business this year? The IRS offers tax savings for parents who hire their kids to work for their business. In this article, we’re covering the tax dos and don’ts for hiring your child.