In addition to your annual income tax filing requirements, mostly all states’ Secretary of State also impose an annual reporting obligation on their domestic and foreign business entities. The primary purpose of the annual report requirement is to provide the public, investors, the filing office, and other government agencies [...]
The deductibility of meal expenses for employers and business entities is a nuanced area of tax law that requires careful consideration of various rules and exceptions. This article explores the intricacies of meal expense deductions, focusing on when the 50% deductibility rule applies, exceptions to this rule, and strategies [...]
Individuals and small businesses should consider various ways of starting off on the right foot for the 2025 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service (IRS) Form W-4 and applies it to the IRS’s withholding tables [...]
By: David Natan In today’s business environment, companies may need to restructure for growth, flexibility, or tax efficiency. An F Reorganization, or "F Reorg," is a specialized tool under the U.S. tax code that enables certain types of business transformations to occur in a tax-efficient manner. Pre-transaction restructuring particularly [...]
Household employees play a crucial role in many homes, providing essential services such as childcare, eldercare, housekeeping, and gardening. However, employing household help comes with a set of responsibilities, particularly in terms of payroll, withholding, and tax reporting. This article delves into the intricacies of household employment, including the [...]
Investing in small businesses is not only a powerful way to support growth and innovation, but it can also offer substantial tax advantages through the Qualified Small Business Stock (QSBS) provision of the Internal Revenue Code (IRC) Section 1202. This tax incentive, enacted in 1993 and extended under the [...]
As a baby boomer, you may find yourself approaching retirement with less savings than you'd hoped. Whether due to economic fluctuations, personal circumstances, or simply the demands of life, many late starters face this challenge. However, it’s never too late to take action. Here are effective strategies to maximize [...]
Special News Brief On December 26, 2024, the federal court of appeals reinstated the injunction blocking the reporting deadline for the Corporate Transparency Act's Beneficial Ownership Information (BOI) submissions. This makes the report filing voluntary yet again. At this point the January 13, 2025, deadline communicated just a few [...]
As business owners’ barrel toward the quarter-century mark of the 21st century, so, too, do the tools we use to manage our finances. Recently, Intuit announced significant changes to its QuickBooks Desktop offerings, signaling a shift toward more innovative, cloud-based solutions. According to the brand, “After May 31, 2025, [...]
As the year-end approaches, we wanted to provide you with some reminders regarding Form 1099 filing requirements along with some important 2024 changes. Form 1099 Reporting Requirements (Information Returns) There are a number of different 1099 forms that report various types of payments. Below is a list of the [...]
