Business Consulting and Planning

IRS Compliance Efforts Target Pass-Through Entities, Expand Use of AI in Tax Audits by Joseph Leocata, JD, CPA, MBA

Posted on November 01, 2024 by Joseph Leocata

The IRS recently launched a new unit committed to enforcing U.S. tax laws among pass-through entities, such as S corporations, partnerships and trusts, whose income passes from the business to its owner’s individual tax returns where taxes are due at the owners’ marginal income tax rates. The move is part of the agency’s broader focus […]

UPDATED Podcast – BPB Knows the Corporate Transparency Act

Posted on October 17, 2024

UPDATED – On March 2, 2025, the Department of Treasury announced CTA will be narrowed to only foreign reporting companies. UPDATED – On December 3, 2024, a federal court in Texas ruled that the CTA is likely unconstitutional and prohibited its enforcement. This set off a review, injunction and follow-up hearing date in March […]

Understanding Trustees’ Fiduciary Accounting Responsibilities by Rick D. Bazzani, CPA

Posted on October 10, 2024 by Rick Bazzani

The people you name to administer your trusts play a pivotal role in protecting your assets. Not only do they have the fiduciary duties to make prudent investment decisions and manage the distribution of trust assets as specified in your trust agreements, but they are also legally responsible for ensuring beneficiaries receive a full accounting […]

UPDATED – IRS Delays Various Tax Deadlines for Victims of Hurricane Helene and Hurricane Milton by Angie Adames, CPA

Posted on October 04, 2024 by Angie Adames

The IRS today is providing tax relief for individuals and businesses affected by Hurricane Helene and Hurricane Milton by extending various tax-filing and tax-payment deadlines to May 1, 2025. The delayed deadline applies automatically to taxpayers with homes or businesses in jurisdictions declared federal disasters by the Federal Emergency Management Agency (FEMA), which includes the […]

4 Things Your Accounts Payable Can Tell You About Your Business

Posted on October 03, 2024

As your business grows with new customers, products or service offerings, your expenses will likely increase. How you manage these liabilities can significantly impact your operation’s cash flow, credit ratings, risk of fraud and your relationships with vendors and suppliers. The key to ensuring a healthy financial picture is learning how to analyze your accounts […]

Deep Dive into Deductions for Business Meals and Entertainment by Steven Rubin, CPA

Posted on October 02, 2024 by Steven Rubin

Operating a business can be expensive, and it can be challenging for businesses to know when they can write off certain expenses, especially with a frequently changing tax code. One particularly puzzling area of the law concerns the rules for deducting the costs of business-related meals and entertainment, which have evolved over the past few […]

Podcast – BPB Knows the Downsides of Legacy Accounting Systems

Posted on September 19, 2024 by Shanna Shim

In this episode, accounting systems advisor Shanna Shim shares some of the hidden costs of old software and what business owners should consider when their accounting systems are holding them back.

UPDATED Research & Experimental Tax Deduction Guidance by Mark B. Leaheey, CPA, CGMA, MSA

Posted on September 17, 2024 by Mark Leaheey

On Aug. 1, 2024, the U.S. Senate failed to pass a tax bill that, among other things, would have restored businesses’ ability to fully deduct specified research and experimental (SRE) expenses in the tax year they are incurred. As a result, businesses that invest in innovation must continue to capitalize and amortize those costs over […]

Your Legacy Accounting Software May Be Costing More Than You Think by Shanna Shim, CPA

Posted on September 11, 2024 by Shanna Shim

When small and mid-size businesses assess their existing accounting systems, the adage “if it ain’t broke, don’t fix it” often comes to mind. After all, if employees are comfortable working with a solution that continues to function the way it is supposed to, why spend the dollars and resources to find and deploy a new […]

Cybersecurity Risk Assessments Critical to Helping Businesses Prevent Data Breaches by Brandon Bowers

Posted on September 03, 2024 by Brandon Bowers

Falling victim to a data breach that involves unauthorized access to a company’s confidential information can be especially costly for small and mid-size businesses in terms of lost revenue, loss of productivity and reputational damage. Yet even as the number of small businesses impacted by cyberattacks continues to rise, less than half have adopted cybersecurity […]

Category: Business Consulting and Planning