Latest Posts

Business automobiles: How the tax depreciation rules work

Complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Here are the basic rules.

The tax implications of renting out a vacation home

If you rent your vacation home for less than 15 days during a year, there’s a special tax break. Here are the rules for vacation rentals.

4 ways to prepare for next year’s audit

It’s time to prepare for next year’s audit. Are you ready for fieldwork to begin?

FASB approves updated rules for disclosing income taxes

Updated rules have been approved that will require more detailed disclosures on income taxes to help stakeholders better understand your company’s tax position. Here’s what you should know.

IRS suspends processing of ERTC claims

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.

It’s important to understand how taxes factor into M&A transactions

Buying or selling a business? It may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. Don’t wait until a deal is done!

Plan now for year-end gifts with the gift tax annual exclusion

The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat.

Financial statements at a glance

Can you name the three reports that make up a comprehensive set of financial statements under U.S. GAAP? To get a holistic assessment of your organization’s performance, it’s important to look beyond profits.

Selling your home for a big profit? Here are the tax rules

If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules.