Insights
2023 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July…
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Will your Estate be Subject to the Estate Tax?
By: Layne Blasingim When someone passes away, they may leave behind assets such as property (real and/or personal), investments, checking accounts and savings accounts. The process of transferring these assets to their beneficiaries is called estate administration. As part of this process, the estate may be subject to taxes and required to file an estate…
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6 Benefits of Human Resources Outsourcing
Written By: Drema Foster, PAFM Are the human resource functions of your business taking up too much of your time? You’re not alone. On average, small businesses can spend up to an entire day every week or more dealing with HR tasks. With resources draining, it can be challenging to grow your business successfully. However,…
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Traveling for business this summer? Here’s what you can deduct
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note:…
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Advantages and disadvantages of claiming big first-year real estate depreciation deductions
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section…
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Avoid succession drama with a buy-sell agreement
Recently, the critically acclaimed television show “Succession” aired its final episode. If the series accomplished anything, it was depicting the chaos and uncertainty that can take place if a long-time business owner fails to establish a clearly written and communicated succession plan. While there are many aspects to succession planning, one way to put some clear…
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6 Benefits of Human Resources Outsourcing
Written by: Drema Foster, PAFM Are the human resource functions of your business taking up too much of your time? You’re not alone. On average, small businesses can spend up to an entire day every week or more dealing with HR tasks. With resources draining, it can be challenging to grow your business successfully. However,…
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Four Construction WIP Errors to Avoid
Written by: Kristin Moody, CPA, CFE An accurate Work-In-Process (WIP) schedule is essential for contractors to effectively manage projects, make informed decisions, maintain financial stability, and meet contractual obligations. It provides a comprehensive view of project performance and enables better control over costs, revenues, and overall financial health. Because it is a crucial tool for…
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Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting…
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Changes to TDR Accounting and Disclosures for CECL Adopters
Written By: Kelly Shafer, CPA In March of 2022, the Financial Accounting Standards Board (FASB) issued a follow-up standard to ASU 2016-13 – Measurement of Credit Losses on Financial Instruments (CECL) to address recommendations from a post-implementation review of CECL. This new standard, ASU 2022-02 – Troubled Debt Restructurings and Vintage Disclosures, introduces concepts deemed…
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