Insights
Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision
Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules. Governing…
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Cash or accrual accounting: What’s best for tax purposes?
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure…
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Keys to Succession Planning
By: Randy Cole Financial institutions are facing the same challenges that all businesses are facing: a shrinking workforce and succession planning. This environment has many banks taking a serious look at their future and weighing options regarding mergers, acquisitions, or remaining independent. Financial institutions play a crucial role in the financial ecosystem by offering personalized…
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New Required Filing: Beneficial Ownership Information (BOI) Reporting
If your business can be defined as a “reporting company” under the Corporate Transparency Act (CTA), you may need to comply with new beneficial ownership information (BOI) reporting rules that took effect on January 1, 2024. Depending on when your business was (or is) first organized, your due date can be 30 days, 90 days,…
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The possible tax landscape for businesses in the future
Get ready: the upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians would like to handle it. How we got here The Tax Cuts and Jobs Act…
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Business website expenses: How they’re handled for tax purposes
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to…
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Understanding taxes on real estate gains
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay the standard 15% or 20% federal…
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Do you owe estimated taxes? If so, when is the next one due?
Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains,…
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Consumer Compliance Trends
By: Kelly Shafer, CPA In this article we will review the top consumer compliance issues identified by the FDIC in a recent supervisory report and examine upcoming trends that are expected to gain attention from examiners during the latter half of 2024 and into 2025. The FDIC’s consumer compliance supervisory report released in the spring…
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Be aware of the tax consequences of selling business property
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more…
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