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California Expands Pass-Through Entity Tax Benefits

California recently enacted Senate Bill 113 (SB 113), which made California’s new passthrough entity elective tax much more attractive for certain owners of S corporations, partnerships, and LLCs taxed as a partnership or an S corporation.

4 Levels of Audit Opinions

The first page of audited financial statements is the auditor’s report.

Keeping Your Nonprofit’s Remote Workers Connected

Many employees have been happy working from home during the pandemic, but some workers may have experienced feelings of disconnection and isolation.

Married Couples Filing Separate Tax Returns: Why Would They Do It?

If you’re married, you may wonder if you should file joint or separate tax returns.

Making Withdrawals from Your Closely Held Corporation That Aren’t Taxed as Dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost?

Take Your Financial Statements to the Next Level

Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns.

Audit Disclosures: Why the Fine Print is Important

Audited financial statements contain footnotes that disclose information that’s vital to making well-informed lending and investing decisions.

The Ins and Outs of IRAs

Traditional and Roth IRAs can help you save for retirement on a tax-favored basis. Contributions to a traditional IRA reduce your current tax bill, if you’re eligible, and earnings are tax-deferred.

Small businesses: There still may be time to cut your 2021 taxes

Learn how to deduct 100% of the cost of items as bonus depreciation.

Insights

Are you liable for two additional taxes on your income?

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Higher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax. Continue Reading Are you liable for two additional taxes on your income?

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Understanding taxes on real estate gains

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If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues. Continue Reading Understanding taxes on real estate gains

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Cash or accrual accounting: What’s best for tax purposes?

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Choosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods. Continue Reading Cash or accrual accounting: What’s best for tax purposes?

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Understanding taxes on real estate gains

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Take charge of working capital management

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