Tax Considerations for M&A Transactions in 2024

Mergers and acquisitions are complex transactions that require careful planning and execution. One critical component of any M&A deal is navigating the tax obligations of both parties. In 2024, changes in tax regulations, evolving global economic conditions, and new compliance requirements are reshaping the tax landscape for M&A transactions.

Should you convert your business from a C-Corp to an S-Corp?

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations.

MA Millionaires Tax: Strategies to Consider

In recent years, the debate surrounding wealth inequality and tax reform has gained significant traction across the US. Among the states at the forefront of this conversation is Massachusetts, where the “Millionaires Tax” has sparked both support and opposition. In November of 2022, Massachusetts approved the Fair Share Amendment, a 4% tax on state residents with an annual income of greater than $1 million.

Your QuickBooks Desktop 2021 Software Will Discontinue on May 31!

Intuit has announced that after May 31, 2024, they will be discontinuing QuickBooks Desktop 2021 software. This includes all versions of 2021 QuickBooks Desktop Pro, QuickBooks Desktop Premier, QuickBooks Desktop for Mac, and QuickBooks Enterprise Solutions v21. Other Intuit products will also be impacted.

How Client Accounting & Advisory Services Enhance Financial Management and Decision-Making

Client Accounting and Advisory Services (CAAS) have emerged as a pivotal component in the modern landscape of financial management. This blog delves into the realm of CAAS, elucidating its significance, core components, and the value it brings to businesses seeking to optimize their financial operations and strategic decision-making processes.

Strategic Insights for M&A Success

In today's market, navigating the complex tax landscape and adopting a strategic approach are indispensable for unlocking value and ensuring the success of M&A transactions.

Should Your Business Take a Different Approach with Income and Deductions?

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to?

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Recordkeeping & IRS Audits: A Case Study

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.

Utilizing Federal Tax Breaks to Optimize Tax Savings

It is generally a best practice for businesses to maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal—the first-year Section 179 depreciation deduction, and the first-year bonus depreciation deduction. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results.