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”
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
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
If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans. Continue Reading Retirement saving options for your small business: Keep it simple
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