A strong revenue year is good news, but higher profits can also create a larger tax bill and tighter cash flow. If your business is on track for significant growth in 2026, year-end tax planning can help you understand the potential liability, evaluate available deductions and avoid surprises when it’s time to file. The right … Read more
IRS Audit for Business Owners: What You Need to Know For many entrepreneurs, the possibility of an IRS examination can be a source of stress. Fortunately, an IRS audit for business owners is still relatively uncommon. However, because businesses often have more complicated tax reporting requirements than individual taxpayers, it’s important to be prepared in … Read more
As digital assets become more common in business operations, understanding cryptocurrency tax reporting is increasingly important. Whether your company accepts Bitcoin, uses cryptocurrency to pay vendors or holds digital assets as an investment, accurate recordkeeping and tax compliance are essential. The IRS continues to increase oversight of digital asset transactions. New reporting requirements, including Form … Read more
With the federal estate and gift tax exemption remaining at historically high levels, currently $15 million for 2026, many families are no longer focused primarily on federal estate taxes. Instead, attention has shifted toward income tax planning strategies that can help preserve wealth across generations. One of the most valuable tools available is the stepped-up … Read more
Business owners often look for creative ways to preserve cash while acquiring needed products and services. One strategy that continues to gain traction is bartering, whether through direct exchanges with other businesses or online barter networks. While these arrangements can improve cash flow and create new business opportunities, understanding the barter transactions tax implications is … Read more
As year-end tax planning ramps up, reviewing your catch-up retirement contributions can be a smart move if you’re age 50 or older. These additional contributions can help strengthen your retirement savings while potentially affecting your current-year tax situation. However, changes introduced under the SECURE 2.0 Act have significantly altered the rules for certain higher-income employees. … Read more
The end of any company’s fiscal year requires additional financial labor as companies file necessary returns, reconcile the previous years’ accounts, and prepare for the upcoming year. It’s an especially complicated time for nonprofit accounting departments, which have to tackle federal and state reporting requirements that for-profit companies don’t have to worry about. If your … Read more
Business owners often focus on protecting customer data and preventing cyberattacks, but business tax identity theft is another growing threat that deserves attention. Criminals are increasingly targeting Employer Identification Numbers (EINs), payroll systems, tax accounts, and company records to commit fraud, file false tax returns, and steal refunds. The consequences can be costly. A business … Read more
Building a successful business requires years of dedication, effort, and strategic decision-making. Yet many owners postpone one of the most important decisions they’ll ever make: how leadership and ownership will transition when they’re ready to step away. Effective business succession planning helps protect the value you’ve created, supports continuity for employees and customers, and can … Read more
Maintaining tax-exempt status requires more than pursuing a charitable mission. Nonprofit organizations must also ensure that their resources are used to advance exempt purposes rather than benefit individuals who have influence or control over the organization. The IRS recently updated its guidance on private inurement, providing valuable insight into how auditors evaluate potential violations and … Read more
