Business

A Cost Segregation Study Is One Way to Boost Cash Flow

If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reducing your taxes and boosting your cash flow. Even if you’ve invested in real property in previous years, you may have an opportunity to do a lookback study and catch up on… View Article

What’s the Future for Measuring Employee Performance?

Yearly performance evaluations just might be heading out the door, according to a recent WorkHuman Analytics & Research Institute Survey. Findings reveal that these appraisals are less than effective and used less often. Based on select findings, 55 percent of employees responded that yearly evaluations don’t help them become better in their role. Almost as… View Article

Strategic Preparation is Key to Selling Your Company

Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty of research, preparation, and hard work that you were happy to invest in. What few who are ready to… View Article

When Can You Deduct Business-Related Meals . . . And How Much Can You Deduct?

The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct any of the cost of taking clients out for a round of golf, to the theater or for a football game. But the TCJA didn’t specifically address the… View Article

Working Remotely From “Out of State” Can Be Taxing

The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: an increase in your state tax bill. During the pandemic, it’s been fairly common for people to work remotely from another state — across state lines from the employer’s… View Article

The Risks of Using Self-Directed IRAs

Self-directed IRAs (SDIRAs) are becoming more and more popular as IRA holders look to enter alternative investments. While SDIRAs can open up a world of investment options, the rules around them are complicated and compliance can be tricky. Below, we’ll look at a couple of relevant court cases that illustrate some of the potential pitfalls…. View Article

How One Small Company Found Its Opening and Disrupted an Entire Industry in the Process

If you had to make a list of some of the fastest-growing industries in the United States, activewear would undoubtedly be on it. It’s a field that is made up of a few different categories: athletic clothing, swimwear, yoga items and footwear, to name a few. According to one recent study, the industry was worth… View Article

Retroactive Termination of the Employee Retention Credit

If you claimed the employee retention credit (ERC) in the fourth quarter of 2021, you better read this about a retroactive change affecting the credit for the fourth quarter of 2021. Background: The ERC was created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and the American Rescue Plan Act (ARP Act)… View Article

Does Your Business Need to File Forms 1099-NEC or 1099-MISC?

If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments. Generally, a 1099-NEC is not required to be issued if… View Article

Do You Need a New IRS Identity Verification?

In November of 2021, the Internal Revenue Service launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications. Taxpayers using this new mobile-friendly verification procedure can gain entry to existing IRS online services such as the: Child Tax Credit Update Portal, Online Account,… View Article