INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
What to Do Before You Decide to Sell Your Small Business
In this fluctuating economy, you might be wondering if you should sell your business. Whether or not to go forward with the complex sale process depends on a few key factors.
The Current Cost Crisis for Small Businesses
Inflation rates and supply chain issues are rising at an unprecedented rate. Here’s what you need to know and a few ways to mitigate the ever-growing inflation rates and supply chain issues.
The Gas Rebate Act of 2022: Proposed Stimulus Checks
The average national gas price is $4.24 per gallon, a record-breaking high. A new bill called the Gas Rebate Act of 2022 would provide relief to Americans affected by the high gas prices if passed.
New K-2 and K-3 Relief for Pass-Through Entities
On February 16, 2022, the IRS announced new relief measures for qualifying businesses. Here’s what you need to know about K-2 and K-3 schedules, pass-through entities, and if your business qualifies for this exemption.
Can I Write Off My Home Office?
With remote work becoming part of the new normal, you might be wondering if you can write off your home office. If the following requirements are met, you might be able to receive compensation.
The New Lease Accounting Standard: How it May Affect Your Business
Initially introduced in 2016, the new lease accounting standard is now effective for all non-public entities for fiscal years beginning after December 15, 2021. Here’s what you need to know.
Pass-Through Businesses in Maryland Electing to be Taxed at an Entity Level
Maryland Businesses can elect to be taxed at an entity level. Here are the details on who it is available to, what the benefits are, and how to start the process.
New Year’s Resolutions: Don’t Forget to Set Them for Your Business
One of the best ways to set your business up for success in the new year is to create a list of resolutions and an action plan to achieve them. Here are some of the most common categories that you’ll want to build your business’s new year’s resolutions for 2022 around.
Staying Ahead of the Great Resignation & Retirement: How Business Leaders Can Prepare for the Future
The number of open positions is climbing, and the unemployment numbers are plummeting. Why? Because of two phenomena: the Great Resignation and Great Retirement. Here are a few of the questions leaders should consider when planning for their organization’s future:
Working Remotely From “Out of State” Can Be Taxing
During the COVID-19 pandemic, it’s been fairly common for people to work remotely from another state — across state lines from the employer’s place of business or even across the nation. Employees that fit that situation may need to file tax returns in both states, potentially triggering additional state taxes.
5 Tax Planning Tips for Retirees
There’s a common misconception that, after retirement, tax bills shrink, tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement accounts increases their income in retirement and may even push them into a higher tax bracket. This article provides five tax-planning tips for retirees.
Rental real estate: Determining if a property is a business or an investment
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Sec. 199A deduction for certain sole proprietors and pass-through entity owners. This article provides a brief overview of the deduction and rental real estate guidance related to it. A sidebar spotlights the IRS definition of “real estate professional” as it relates to this tax matter.
Oops, you overfunded your 529 plan
If money is held too long in a Section 529 college savings plan, there could be tax consequences. This article describes alternatives for savers who have overfunded their accounts.
Are you liable for “nanny taxes”?
When employing household workers — which may also include housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand the tax obligations, commonly referred to as “nanny taxes.” This article provides a quick review.
A Cost Segregation Study Is One Way To Boost Cash Flow
For businesses planning to buy, build or substantially improve real property, a cost segregation study can help accelerate depreciation deductions, reducing taxes and boosting cash flow. Lookback studies can also be done for prior years. This article explains how cost segregation studies work and how tax deductions are recovered.
When can you deduct business-related meals . . . and how much can you deduct?
The TCJA permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. But it didn’t specifically address the meals, beverages and snacks that often accompany entertainment activities. Then the CAA temporarily increased the deduction for certain business-related meal expenses. Many business owners today aren’t sure what they can deduct or how much they can deduct. This article tells them what they need to know.
The IRS Announces 2022 Retirement Contribution Limits
The IRS recently announced the 2022 retirement plan contribution limit adjustments. These adjustments are made annually to reflect changes in the cost of living. Here’s an outline of the changes and noteworthy increases you can expect in the upcoming year.
The Worst of the Worst Tax Scams Circulating this Tax Season
The COVID-19 pandemic and the many corresponding changes to taxes created new opportunities for scammers to take advantage of people. Here’s a breakdown of the worst tax scams circulating right now and how to spot them this upcoming tax season.
