Answers to your tax season questions

Tuesday, February 20, 2024
The IRS announced/opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns.Here are answers to seven...... Read More

Key 2024 inflation-adjusted tax parameters for small businesses and their owners

Monday, February 19, 2024
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.Rates and bracketsIf you...... Read More

Threshold for electronically filing information returns

Friday, February 16, 2024
Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect...... Read More

What is Your External Auditor’s Responsibility for Cybersecurity?

Thursday, February 15, 2024
Data breaches can be costly. The average total cost of a data breach has risen to roughly $4.45 million, according to a 2023 survey of information technology (IT) security professionals...... Read More

Key 2024 inflation-adjusted tax amounts for individuals

Tuesday, February 13, 2024
The IRS announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers.Most of the federal income tax rate bracket thresholds are about 5.4% higher than for 2023. That means...... Read More

A cost segregation study may cut taxes and boost cash flow

Monday, February 12, 2024
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow...... Read More

New reporting rule for online payment processors delayed

Friday, February 09, 2024
For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online...... Read More

FASB Issues New Segment Expense Disclosure Rules

Thursday, February 08, 2024
On November 27, 2023, the Financial Accounting Standards Board (FASB) issued updated accounting rules on segment reporting. The guidance concludes several years of discussions aimed at providing investors with better...... Read More

11 Exceptions to the 10% penalty tax on early IRA withdrawals

Tuesday, February 06, 2024
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this...... Read More

Choosing a business entity: Which way to go?

Monday, February 05, 2024
If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C...... Read More