Does your business have employees who get tips? You may qualify for a tax credit

Monday, March 25, 2024
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare...... Read More

Best Practices for M&A Due Diligence

Thursday, March 21, 2024
Engaging in a merger or acquisition (M&A) can help your business grow, but it also can be risky. Buyers must understand the strengths and weaknesses of their intended partners or...... Read More

The kiddie tax could affect your children until they’re young adults

Tuesday, March 19, 2024
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much...... Read More

Defer a current tax bill with a like-kind exchange

Monday, March 18, 2024
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind”...... Read More

Financial Data Transparency Act

Friday, March 15, 2024
As 2022 drew to a close, a surprising turn of events in municipal finance occurred: A federal bill to enhance financial data transparency for state and local governments unexpectedly became...... Read More

Auditing Concepts: Close-Up on Materiality

Thursday, March 14, 2024
As audit season begins for calendar-year entities, it’s important to review issues that may arise during fieldwork. One common issue is materiality. This concept is used to determine what’s important...... Read More

It’s possible (but not easy) to claim a medical expense tax deduction

Tuesday, March 12, 2024
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your...... Read More

The standard business mileage rate will be going up slightly in 2024

Monday, March 11, 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business is going up by 1.5 cents per mile in 2024. The IRS announced...... Read More

Independent contractor vs. employee status

Friday, March 08, 2024
The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards...... Read More

6 Tips to Improve Job-Costing Systems

Thursday, March 07, 2024
Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers and professional practices — generally track job costs to gauge the profitability of each project....... Read More