The massive changes the TCJA made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number…
The massive changes the TCJA made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number…
Accounting for M&As under U.S. Generally Accepted Accounting Principles can require a lot of red tape. Fortunately, there’s a private company reporting alternative that exempts noncompetes and certain customer-related intangibles from being identified and reported separately on the balance sheet…
When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with…
Thinking about retiring to another state? Consider state and local taxes. A state that has no personal income tax may appear to be the best option. But if you don’t also factor in property, sales and estate taxes, you could…
Business owners generally prefer to work with entities they know and trust. But the risk of double dealing abounds when a company does business with its parent company, a subsidiary, the owner’s family members or other related parties. Such transactions…
If you receive restricted stock from your employer, you may have a tax-saving opportunity: the Section 83(b) election. Income recognition for restricted stock normally is deferred until the stock is vested or you sell it, when you pay taxes on…
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax break! Day (not overnight) camp is a…
Businesses often enter into so-called “collaborative arrangements” when embarking on a major project, such as designing a new medical device or producing a film. However, the rules for reporting shared costs and revenue under U.S. GAAP are unclear, and the…
Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. When reviewing midyear financial reports, however, recognize their potential shortcomings. These…
For business owners with kids in high school or college, hiring them for the summer can provide many benefits. One is tax savings. By shifting business income to a child as wages for services performed, you can turn high-taxed income…