Business Owners

Understanding Nexus and Its Impact on State and Local Tax Burdens by Karen A. Lake, CPA

Posted on March 25, 2025 by Karen Lake

Nexus is a minimum connection businesses have with a particular state that can activate state and local tax (SALT) obligations. Managing SALT compliance can be especially challenging when considering that tax rates, the criteria for creating nexus and the standards for imposing state income, sales and franchise taxes vary widely from one state to the […]

Podcast – BPB Knows State and Local Tax Credits

Posted on March 20, 2025 by Luke Lucas

In this episode, Associate Director of Tax Services Luke Lucas, CPA, shares often overlooked state and local tax issues, deductions and credits.

Planning for the Possible Phase Out of Bonus Depreciation by Joshua P. Heberling, CPA

Posted on March 18, 2025 by Joshua Heberling

The 2017 tax cuts introduced a temporary bonus depreciation provision that allowed businesses to immediately write off 100 percent of their costs for new and used qualifying property they placed into service between Sept. 28, 2017, and Dec. 31, 2022. The rate of this first-year depreciation deduction has decreased by 20 percent each subsequent year […]

Podcast – BPB Knows Piercing the Corporate Veil

Posted on March 06, 2025 by Joel Glick

In this episode Director of Forensic and Advisory Services Joel Glick, CPA/CFF, CFE, CGMA, explains the concepts behind piercing the corporate veil and how in partnership disputes and damages claims.

Do Your Charitable Donations Qualify for a Tax Deduction? by Brendan Kurpis, CPA

Posted on March 04, 2025 by Brendan Kurpis

Charitable giving is a great way to support causes that are important to you and your community while establishing a legacy of philanthropy for your family members to carry on long after you are gone. For some, it also allows them to reduce their tax bill when they understand some basic rules. Who Can Claim […]

Taxpayers Must Prepare to Pay Taxes on More Transactions Involving Venmo and Other Online Payment Apps by Savannah Cabrera Snow, CPA

Posted on February 24, 2025 by Savannah Cabrera Snow

If you accepted more than $5,000 in online business payments in 2024 for goods and services via platforms such as Venmo, PayPal, eBay, Airbnb and Cash App, the IRS expects you to pay taxes on those earnings come April 15, 2025. While the IRS has always considered these payments as taxable business income, many taxpayers […]

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 […]

Minimizing Taxes on Art Collections by Sarah Gaymon, CPA

Posted on February 12, 2025 by Sarah Gaymon

It has been said that a picture is worth a thousand words. However, the IRS has the final say when it comes to the valuation and tax treatment of paintings, sculptures and other works of art. Whether you own a few valuable pieces or amassed a significant art collection, you must consider how these assets […]

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 […]

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 […]

Category: Business Owners