Do You Have an Excess Business Loss?

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation.

How the Latest Tax Law Changes Could Impact Your 2024 Tax Return

Tax season is here, and if you’re preparing to file your 2024 return, you’ll want to be aware of recent tax law changes that could impact how much you owe or how much you get back in refunds. From adjustments in tax brackets to changes in deductions and credits, here’s a breakdown of key updates to consider when filing this year.

Unlocking Financial Success: A CPA's Essential Guide for Nonprofits

As a management member or board director of a nonprofit organization, you play a crucial role in overseeing its financial health and ensuring its sustainability. Understanding financial statements can seem daunting, but with the right approach, you can leverage them to make informed decisions and drive your mission forward. Here are some key tips and tricks for effectively reading, understanding, and analyzing financial statements.

Maximize Your Deductions: Overlooked Tax Breaks for Small Business Owners

As tax season approaches, many small business owners are leaving money on the table by overlooking valuable deductions. Staying informed about tax law changes and exploring lesser-known breaks can significantly reduce your taxable income. Here are some often-overlooked deductions to help you keep more of your hard-earned money:

Top 5 Tax Season Mistakes That Can Trigger an IRS Audit—And How to Avoid Them

No one wants to face an IRS audit, yet certain mistakes during tax season can increase your chances of being flagged. Here are five common missteps to avoid:

Demystifying Section 1231: How Gains and Losses Impact Business Asset Sales

When selling business assets, understanding the tax implications is crucial. The IRS categorizes gains and losses into different types based on the asset sold and how long it was held. Here’s a breakdown of key tax classifications and how Section 1231 treatment can benefit business owners.

Navigating Quarterly Taxes: What Every Business Owner Needs to Know Before April

Quarterly taxes are a crucial part of running a business, but they can often feel overwhelming. Missing payments or underestimating your tax liability can lead to penalties. Here’s how to stay on top of your obligations:

Key Tax Deadlines and Filing Tips Every Business Should Know for 2025

Missing key tax deadlines can lead to penalties and cash flow headaches. Stay ahead by understanding important dates and implementing smart filing strategies. Here’s what every business owner should know:

Unlocking Value Through Sale and Leaseback Transactions Part 2: How to Account for a Sale and Leaseback Transaction

When a sale and leaseback transaction qualifies as a sale, the sale and leaseback components must be accounted for separately.

Unlocking Value Through Sale and Leaseback Transactions, Part 1: Navigating GAAP Compliance and Maximizing Benefits

Sale and leaseback transactions are a strategic financial tool businesses use to unlock cash flow while retaining operational control of critical assets. In such an arrangement, a seller transfers ownership of an asset to a buyer and immediately leases it back. This type of transaction can provide significant benefits to both parties: the seller-lessee gains liquidity and operational flexibility, while the buyer-lessor secures a steady income stream and potential tax advantages. However, determining whether a transaction qualifies as a sale and leaseback under Generally Accepted Accounting Principles (GAAP) involves navigating a complex set of criteria.