Category: Business Owners

Business Owners

IRS Sets Standard Mileage Rates for Vehicle Use in 2024 by Steven Rubin, CPA

Posted on January 22, 2024 by Steven Rubin

The IRS announced the inflation adjustments taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes in tax year 2024. Taxpayers also have the option to calculate these expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2024, the standard […]

Podcast – BPB Knows Recruiting

Posted on January 04, 2024 by Joseph Saka

In this episode, head of recruiting Mari-Luque Hanchett talks about what makes a successful recruiting strategy and how we assist clients in filling executive and professional roles.

IRS Sets Retirement Savings Plan Contribution Limits for 2024 by Jonathan Kraes, CPA

Posted on December 27, 2023 by Jonathan Kraes

The IRS’s 2024 cost-of-living adjustments for retirement savers include higher annual contribution limits to 401(k) plans and Individual Retirement Accounts (IRAs) along with higher income limits for individuals to qualify for tax-deductible contributions to traditional IRAs and taxable contribution to Roth IRAs. Employer-Sponsored Retirement Plans In 2024, employees may contribute up to $23,000 into workplace […]

New eFiling Requirement for Businesses that Receive Cash Payment of More than $10,000 by Cherry Laufenberg, CPA

Posted on November 28, 2023 by Cherry Laufenberg

Certain businesses receiving cash payments exceeding $10,000 must electronically file IRS Form 8300 beginning on Jan. 1, 2024, rather than filing a paper return. According to the IRS, although many cash transactions are legitimate, Form 8300 aims to combat tax evasion, drug trade, terrorism financing and other criminal activities. The new reporting requirement applies to […]

Motivating the Next Generation of Leaders to Maintain Culture in Hybrid Work Environments by Richard A. Berkowitz, JD, CPA

Posted on November 21, 2023 by Richard Berkowitz

Many businesses are tightening their flexible work policies, trying to coax remote employees to return to their offices in person to collaborate with their peers and build their careers. One of the unique ironies of this past summer occurred when Zoom, the videoconferencing platform that kept workers connected throughout the pandemic, announced it would require […]

Cash Flow Management is Key to Businesses Health by Debra Sears, CPA

Posted on November 07, 2023 by Debra Sears

Cash is king, especially when it comes to small businesses. An entrepreneur’s ability to effectively manage cash flow ultimately can mean the difference between success and failure. To keep the cash flow engine operating at optimal performance through economic headwinds, such as rising interest rates and tightening of credit availability, business owners should consider the […]

Outsourcing CFO Services Yields Significant Benefits for Small, Mid-Size Businesses by Debra Sears, CPA

Posted on October 17, 2023 by Debra Sears

Operating a small business comes with a wealth of opportunities and an equally abundant set of complexities, including tax reporting, regulatory compliance and meticulous financial recordkeeping. For many entrepreneurs, hiring full-time professionals to oversee these functions in-house is simply unaffordable. Instead, a growing number of businesses are turning to outsourced CFO services for on-demand assistance with […]

Tax Implications for S Corporations Filing for Bankruptcy by Richard E. Cabrera, CPA, JD, LLM

Posted on October 12, 2023 by Richard Cabrera

Just as business owners must consider the tax implications of their companies’ legal structures before beginning operations, special care should be taken to address these issues on a consistent basis throughout the organization’s lifecycle, especially before filing for bankruptcy. According to the IRS, the majority of US corporations are structured as pass-through entities, including sole […]