Launching a business? How to treat start-up expenses on your tax return
While the COVID-19 crisis has devastated many businesses, the pandemic has also created opportunities to launch new businesses. For example,…
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Business succession and estate planning: It can be complicated
Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always…
Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records…
Concealing a trust could run afoul of state law
If your estate plan includes trusts, you may want to keep them a secret from the beneficiaries, such as your…
Rioting damage at your business? You may be able to claim casualty loss deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the…
Is there a fraud perpetrator behind those behavioral issues?
The most common behavioral red flag exhibited by occupational fraud perpetrators is living beyond their means. This may be tough…
IRS releases 2021 amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). For calendar year 2021, the annual contribution limitation…
Nonprofits: Carefully navigate the upcoming election
The 2020 presidential election is fast approaching and your not-for-profit has a stake in its outcome. But that doesn’t mean…
Student loan interest: Can you deduct it on your tax return?
Many taxpayers with student loans have been hard hit by the economic impact of COVID-19. The CARES Act contains some…
When nonprofit contributions are quid pro quo
Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor…
The CARES Act liberalizes net operating losses
The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs) to provide businesses with relief…
Do you have tax questions related to COVID-19? Here are some answers
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now.…