4 ways corporate business owners can help ensure their compensation is “reasonable”

C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.” Otherwise, it could be deemed a dividend. Here are four steps to take. Continue Reading 4 ways corporate business owners can help ensure their compensation is “reasonable”

New Business Ownership Reporting in 2024

Starting in 2024 (or 2023 for newly formed entities), corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a report with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department providing specified information regarding the entity’s “beneficial owners.” Continue Reading New Business Ownership Reporting in 2024

There’s a favorable “stepped-up basis” if you inherit property

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the “step-up” basis rules. Continue Reading There’s a favorable “stepped-up basis” if you inherit property

Nonprofits: 4 ratios worth watching

What if we told you that only four ratios mattered when it came to managing your nonprofit? OK, that would be an exaggeration. But there are four measures that generally matter more than the rest. Continue Reading Nonprofits: 4 ratios worth watching

Choosing an entity for your business? How about an S corporation?

There are several choices of entities for a new business venture. What about an S corporation? Here are the advantages. Continue Reading Choosing an entity for your business? How about an S corporation?

Changes in Sec. 174 make it a good time to review the R&E strategy of your business

A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for your 2022 business tax return being filed this year. Continue Reading Changes in Sec. 174 make it a good time to review the R&E strategy of your business

Additional Tax Relief Provided for Californians Impacted by Winter Storms

The California Franchise Tax Board is conforming to the IRS’s postponement of filing and payment deadlines to October 16, 2023, for taxpayers located in most California counties due to the recent winter storms. Continue Reading Additional Tax Relief Provided for Californians Impacted by Winter Storms

Answers to your questions about 2023 limits on individual taxes

How much is the standard deduction in 2023? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are some Q&As about these and other tax-related amounts for 2023. Continue Reading Answers to your questions about 2023 limits on individual taxes