Hiring Your Child to Work at Your Business This Summer
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could […]
Category: Tax
IRS Provides Recommendations to Protect Against Senior Scams
The IRS recently issued a press release (IR-2024-164) warning about the rising threat of impersonation scams targeting seniors where fraudsters imitate government officials to obtain sensitive personal information and money. […]
Ohio Expands Sales Tax Holiday
Ohio’s 2024 Sales Tax Holiday will run from midnight Tuesday, July 30, to 11:59 p.m. Thursday, August 8, an expansion from previous years. The Ohio General Assembly and Governor DeWine extended Ohio’s Sales Tax […]
Should You Convert Your Business Entity From a C to an S Corporation?
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and […]
The Tax Advantages of Including Debt in a C Corporation Capital Structure
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal […]
IRS Dirty Dozen Part 5: Bogus Tax Avoidance Strategies and Schemes With an International Element
Today, we bring you the final two scams highlighted by the 2024 Dirty Dozen campaign, an annual list compiled by the IRS outlining the most common tax schemes and providing […]
When Partners Pay Expenses Related to the Business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. […]
IRS Dirty Dozen Part 4 – Spearphishing and Schemes Aimed at High-Income Tax Filers
In this article, we present two more scams from the IRS’ 2024 Dirty Dozen list: spearphishing and schemes aimed at high-income tax filers. Read on so you don’t fall victim […]
IRS Dirty Dozen Part 3 – Fake Charities, Deceitful Tax Professionals, and Social Media
Today, we continue bringing you the scams highlighted by IRS’s 2024 Dirty Dozen campaign, an annual list compiled by the IRS listing the most common tax schemes and providing taxpayers […]
When Businesses May Want to Take a Contrary Approach With Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why […]
IRS Dirty Dozen Part 2 – Fake Online Account Assistance, False Fuel Tax Credit Claims, and Offer in Compromise Mills
Last week, we introduced you to the IRS’s 2024 Dirty Dozen campaign, an annual list compiling the most common tax schemes. The campaign provides taxpayers with important information about how […]
Don’t Have a Tax-Favored Retirement Plan? Set One Up Now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, […]
