Preparing for and Responding to an IRS Audit By: David M. Reape The IRS is ramping up its audit efforts, targeting large businesses and high-income individuals. By 2026, the agency plans to nearly triple its audit rates for large corporations with assets […]
Manufacturers: Start Year-End Tax Planning Now By: Cheryl Lanese As the year comes to a close, manufacturers have the opportunity to implement year-end tax planning strategies to help reduce their 2024 tax liability. Several provisions of the Tax Cuts […]
Benefits of Separating Business and Real Estate Ownership By: David M. Reape Does your business rely on real estate for operations, or do you currently hold property in your business’s name? It may be time to reconsider this approach. Separating the ownership […]
2024 Q4 Tax Deadlines: Key Filing Dates Every Business Must Know By: David M. Reape Below are some of the key tax deadlines that businesses and employers need to be aware of for the fourth quarter of 2024. However, note that this list is not […]
Do You Know When Your Nonprofit’s Debt-Financed Income is Subject to Tax? By: Helen Weeber If your nonprofit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax (UBIT). However, income from debt-financed property typically is taxable. So […]
Taxes on Real Estate Gains By: Ed Decker 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 real estate […]
Business Taxation: What Lies Ahead? By: David M. Reape 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 […]
Tax Responsibilities When Closing a Business By: David M. Reape While many facets of the economy have improved this year, many factors have caused businesses to close their doors. If this is your situation, we can help you, including taking […]
Beware of Tax Scams on Social Media By: David M. Reape Social media often takes the blame for spreading misinformation, sometimes for good reason. Recently, the IRS issued a warning to both individual and business taxpayers about false claims regarding various […]
Do You Need a Buy-Sell Agreement? By: David M. Reape Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted […]
The Tax Consequences of Selling Business Property By: David M. Reape You need to be aware of the tax implications of selling property used in your trade or business. Many complex rules can potentially apply. To simplify this discussion, let’s assume […]
2024 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers By: David M. Reape Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may […]