Category: Business Consulting and Planning

Business Consulting and Planning

Can I Claim Tax Deductions for a Yacht Purchase? by Lewis Kevelson, CPA


Posted on February 13, 2025 by Lewis Kevelson

Buyers in the market for a yacht often hear from friends and anxious salespersons that they can claim federal income tax deductions when using a yacht for business purposes, such as entertaining clients or renting it out for private charters to generate income. This is often coupled with the promise of large depreciation write-offs against […]

The Treatment of Fixed Costs and Overhead in Lost Profit Calculations by Scott Bouchner, CMA, CVA, CFE, CIRA


Posted on February 04, 2025 by Scott Bouchner

In commercial litigation matters involving contract disputes, claims of fraud, negligence, intellectual property infringement and other tort actions, lost profits may be an appropriate measure of damages to make the injured party financially whole provided the plaintiff can a) establish that the defendant’s actions caused the economic loss and b) the amount of the loss […]

California Wildfire Victims Receive Tax Relief by Karen A. Lake, CPA


Posted on January 28, 2025 by Karen Lake

The IRS has issued tax relief to individuals and businesses affected by the devastating wildfires in southern California. Taxpayers who live in or own a business in a federally declared disaster area automatically receive an extension to file various federal tax returns and make tax-associated payments originally due between Jan. 7, 2025, and Oct. 15, […]

Rooting Out Negative Influencers Within Your Organization by Richard A. Berkowitz, JD, CPA


Posted on January 23, 2025 by Richard Berkowitz

One of the most vexing problems encountered by growing companies is the identification and management of “underminers” who lurk silently in the shadows, sowing discontent and dissatisfaction that creates a negative drag on the business culture. Sometimes referred to as “bad apples” or “negative nellies,” these individuals engender pessimism, anxiety and insecurity among teammates in […]

Employers Face New Rules for Retirement Savings Plans in 2025 by Melissa Fleitas, CPA


Posted on January 21, 2025 by Melissa Fleitas

The passage of the SECURE Act 2.0 in 2022 introduced sweeping changes to help enhance taxpayers’ retirement savings opportunities and improve the costs and managerial headaches employers face administering employee benefits plans, including 401(k)s, 403(b) and 457(b) plans. Since that time, employers of all sizes have gained expanded tax credits for establishing employee retirement savings […]

IRS Sets Standard Mileage Rates for Vehicle Use in 2025 by Steven Rubin, CPA


Posted on January 14, 2025 by Steven Rubin

The IRS released the standard mileage rate taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes in tax year 2025. Taxpayers also have the option to calculate these expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2025, the […]

IRS Sets Retirement Savings Contribution Limits for 2025 by Tony Gutierrez, CPA


Posted on January 09, 2025 by Anthony Gutierrez

Taxpayers can contribute more pre-tax dollars to their employer-sponsored retirement savings plans in 2025, but their contributions to Individual Retirement Accounts (IRAs) remain unchanged from the previous year. Employer-Sponsored Retirement Plans In 2025, employees may contribute up to $23,500 to a workplace 401(k), 403(b) and certain 457 plan, a $500 increase from the previous year. […]

UPDATED: IRS Updates Final and Proposed Regulations Related to Foreign Gains and Losses Under Section 987 by Jairan Shirazi


Posted on December 23, 2024 by Jairan Shirazi

One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […]