Do you and your spouse run a successful unincorporated small business together? If so, you face some challenging tax issues. The partnership issue for spouse-run businesses An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. If not, you must submit a Form
What is asset depreciation? Let’s start with the basics: what is asset depreciation? First, the IRS definition: “Depreciation is the recovery of the cost of the property over a number of years. You deduct a part of the cost every year until you fully recover its cost.” In layman’s terms, depreciation reduces a company’s tax
Your employees are on the front line when it comes to cyberthreats, but many of them are unprepared. When cybercriminals strike, employees may not recognize the risks and red flags. Data breaches cost on average $4.35 million, so providing your employees with training is crucial. Current Cybersecurity Battlefield According to a recent study by the
One disadvantage of C corporation structure is the possibility of double taxation. A C corporation’s income is subject to two levels of income tax: once at the corporate level and a second time at the shareholder level when income is distributed in the form of dividends. To avoid — or at least defer — double
Let’s say you own highly appreciated land that’s now ready for development. It could result in a significant tax burden if you subdivide it, develop the individual pieces, and then sell them off for a healthy profit. In this case, the tax rules generally treat you as a real estate dealer. This means that your
It’s common for disaster planning to be overlooked when your nonprofit is focused on its mission. However, taking the time to prepare now can prevent serious consequences in the future. Your operations are vulnerable to a range of risks, from natural disasters like hurricanes and wildfires to man-made threats like cyberattacks and active shooters. Even
The average cost of a data breach in the United States is enormous — $9.44 million. Without insurance protections, these costs can be debilitating to any business. And while large corporations are generally in the news cycle after a major breach, small businesses are not safe from the risks. In fact, 43% of small- and
What does it mean for a business website to be ADA compliant? The Americans with Disabilities Act created regulations meant to prohibit discrimination against people with disabilities. Part of these regulations fall to employers. It’s easy to think of ADA compliance in terms of accessible parking or other accommodations for employees with disabilities. However, what
Arkansas Employer Support of the Guard and Reserve, a Department of Defense program, presented Landmark CPAs with the ESGR Pro Patria Award in recognition of the extraordinary support of employees who serve in the Guard and Reserve. The esteemed recognition is the highest-level award that may be bestowed by an ESGR State Committee. The award
Claiming significant first-year depreciation tax deductions for eligible real estate expenditures may be an option for your business, allowing you to accelerate deductions rather than spreading them out over multiple years. However, this decision is not as straightforward as it may appear, as there are important factors to consider. Qualified Improvement Property (QIP) For assets