As you may know, the Corporate Transparency Act (“CTA”) is set to take effect on January 1, 2024, impacting many privately held corporations, limited partnerships, statutory trusts, limited liability companies, and other similar entities. The goal of the CTA and its Beneficial Ownership Information Regulations (“BOI”) is to penetrate through layers of intermediate entities, and
Nervous about end-of-year bonuses, overtime, and payroll taxes?
Many employers reward and recognize high performers with a bonus, especially toward the end of the year. If you award bonuses, there are several overtime and tax rules to consider. Here’s an overview to help you as you close out the business year in 2023. Bonuses and Overtime Pay Under the Federal Fair Labor Standards
Partners May Separate to Different States But the Tax Burden Stays
A partnership consists of two or more individuals who form a business relationship. As with any relationship, partners expect to encounter situations along the way that cause disagreements and disputes. Usually those disputes are resolved and the partners move forward. Sometimes, a partner will decide to work remotely, or stay invested but move to another
IS A 1031 Exchange Right For You?
What is a 1031 Exchange? It is a way to leverage your gains. It allows sellers of investment or business-use real estate to defer paying capital gains, and depreciation recapture taxes, when they use the proceeds of the sale to purchase one or more additional pieces of investment or business-use real estate. IRS Code 1031
ULTIMATE BUSINESS CONTINUITY AND DISASTER PLANNING GUIDE
ULTIMATE BUSINESS CONTINUITY AND DISASTER PLANNING GUIDE It is essential for business owners to be proactive in preparing for pandemics, hurricanes and other unpredictable disasters. Everything from severe winter storms, to a flood or wildfire, a supply chain failure, a serious SARS or flu epidemic, even an act of terrorism can put your business at
SECURE 2.0 Act Pros and Cons, Winners and Losers
Americans simply aren’t saving enough for retirement. Retirement plans are one of the top benefits you can offer to your employees. And thanks to incentives for employers in the SECURE 2.0 ACT there has never been a better time to start a retirement plan, creating a positive impact on employees and help make saving for
Challenges Women Entrepreneurs Face When Starting A Business
Women mean business, and the world needs more women in business. While women have long been under-represented in the business world, this trend is clearly changing. In fact, the number of female entrepreneurs in this country is increasing, and today, 37 percent of all U.S. businesses are female owned, according to the National Women’s Business
Does A Cost Segregation Study Make Sense For Your Property
Looking for tax savings? For clients who are in the real estate, construction, and other related industries cost segregation can be a significant way to take advantage of depreciation up front! A cost segregation analysis is the process of analyzing and reallocating engineering-based costs relating to the construction, renovation or acquisition of a building. Cost-segregation
DEPRECIATION FOR SUMMER SHORT-TERM RENTAL OWNERSHIP
Post-COVID demand for short-term rentals has skyrocketed on sites such as Airbnb and VRBO. Investors are attracted to these properties to generate passive income, and are jumping into the market. Listings are expected to grow another 20.5% in 2022. Since many short-term rental properties are owned as passive investments by non-real estate professionals, any investors
8 MID-YEAR CHECKUP TIPS FOR YOUR MEDICAL OR HEALTHCARE PRACTICE
Spending a little time on mid-year planning will make for a smoother and more successful 2022! Doctors, dentists, surgeons, and other medical practitioners should take a hard look at the last 6 months, and see how close they have come to their operational and financial goals. It may be time to reevaluate and refocus on