Divorcing business owners should pay attention to the tax consequences
Divorcing business owners should pay attention to the tax consequences If you’re getting a divorce, you know the process is generally filled with stress. But
Update on depreciating business assets
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due
Spouse-run businesses face special tax issues
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated
It’s important to understand how taxes factor into M&A transactions
In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s
What types of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically
How IRS auditors learn about your business industry
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on
Business automobiles: How the tax depreciation rules work
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated,
The Social Security wage base for employees and self-employed people is increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for
Is your business closing? Here are your final tax responsibilities
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts,
Intangible assets: How must the costs incurred be capitalized?
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require