Latest News and Information

May 4, 2023

Spring cleaning in QuickBooks

Have your company’s accounting records become cluttered with duplicate items and unused accounts? When you need to revise your QuickBooks® lists — such as the chart of accounts, customers

May 3, 2023

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

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she

May 2, 2023

Paperwork you can toss after filing your tax return

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have

May 1, 2023

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

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The

April 28, 2023

The current standard for approving 401(k) hardship distributions

Employers that offer a 401(k) plan should generally encourage participants to invest as much as they can and not touch the money until retirement. However, there may be instances

April 27, 2023

New-and-improved accounting rules for common control leases

On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated guidance clarifies issues that are relevant to rental

March 14, 2023

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

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have

March 9, 2023

Tap into specialized functions in QuickBooks

QuickBooks® provides an all-in-one solution that helps some small and medium-sized businesses manage their finances. While QuickBooks provides the accounting backbone for many companies, it has advanced features that

March 8, 2023

Small employers: Don’t forget about the new and improved pension credit

At the very end of 2022, President Biden signed into law the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). Now that the year is well

March 7, 2023

Claiming losses on depreciated or worthless stock

Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital

March 6, 2023

Protect the “ordinary and necessary” advertising expenses of your business

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut

February 28, 2023

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal

February 27, 2023

Buying a new business vehicle? A heavy SUV is a tax-smart choice

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than

February 24, 2023

Consider a PEO to ease hiring and HR woes

With unemployment hitting record lows, many employers are struggling to fill key positions in their organizations. If you’re dealing with just such a problem, remember that hiring isn’t the

February 22, 2023

Now hiring: 10 questions to ask bookkeeper candidates

Are you looking for someone to manage the books and records for your small business? Whether you’re operating a startup or an established business that recently lost its bookkeeper,

February 21, 2023

There still may be time to make an IRA contribution for last year

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If

February 20, 2023

Do you run a business from home? You may be able to deduct home office expenses

Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If

February 17, 2023

ACA information-reporting deadlines now permanently extended

Late in 2022, the IRS released final regulations addressing extended deadlines for certain information-reporting requirements of the Affordable Care Act (ACA). The final regs generally apply to calendar years