Business Owners

FTC Safeguard Rules Make Data Security a Priority for Many Businesses by Brandon Bowers

Posted on July 27, 2023 by Brandon Bowers

Effective June 9, 2023, certain businesses engaged in financial services activities must comply with the Federal Trade Commission’s Standards for Safeguarding Customer Information Rule (Safeguard Rule), which requires the development, implementation and maintenance of appropriate policies, systems and other defenses to protect customers’ personal information from cyberattacks and other threats. However, many businesses remain unaware […]

Podcast – BPB Knows Due Diligence for M&A Deals

Posted on July 20, 2023 by Hector Aguililla

Director of Assurance and Advisory Services Hector Aguililla breaks down the M&A due diligence services the firm offers for buyers and sellers of companies.

Rising Inflation Brings Higher HSA Contribution Limits in 2024 by Rick D. Bazzani, CPA

Posted on July 11, 2023 by Rick Bazzani

Participants in high-deductible health plans will be able to contribute a significantly higher amount to their health savings accounts (HSAs) in 2024 to cover out-of-pocket medical expenses. The IRS raised the HSA contribution limits for 2024 to $4,150 for individuals and $8,300 for families (up from $3,850 and $7,750, respectively, in 2023.) HSA owners aged […]

Florida Reduces State Sales Tax on Commercial Real Estate Leases in 2023 by Luke Lucas, CPA

Posted on June 19, 2023 by Luke Lucas

Florida’s legislature recently enacted House Bill 7063, which will reduce the state’s sales tax on rent and license fees for commercial property, including office and retail space, warehouses and certain self-storage units. It is the only state in the nation that imposes sales tax on commercial rent. Effective December 1, 2023, the sales tax rate […]

Podcast – BPB Knows Commercial Real Estate Financing

Posted on June 15, 2023

In this episode BayBridge Real Estate Capital Managing Director Jay Miller shares trends in the financing world that are impacting commercial real estate owners and developers.

Expanded Tax Credits Help Offset the Costs of Energy-Efficient Home Improvements by Rachel Kenney Rego, CPA

Posted on June 08, 2023 by Rachel Kenney Rego

Upgrading your home’s energy efficiency can not only help the environment and reduce your electric bills, but it can also provide you with valuable tax credits to cover a portion of qualifying improvement expenses beginning in 2023. Energy Efficient Home Improvement Credits Under the Inflation Reduction Act signed into law in 2022, homeowners may earn […]

What Employers and Employees Must Know about the Use-it-or-Lose-it Rules of FSAs by Steven Rubin, CPA

Posted on June 06, 2023 by Steven Rubin

Whether you are an employer or employee, you recognize the benefits of Flexible Spending Accounts (FSAs) to help pay for rising costs of out-of-pocket healthcare expenses. Nevertheless, how unused account balances are treated at the end of the plan year is often misunderstood and can be a source of pain for both employees and employers. […]

Avoiding IRS Challenges with Business Owner Compensation by Richard E. Cabrera, JD, LLM, CPA

Posted on May 16, 2023 by Richard Cabrera

Operating a family-owned or closely held business requires owners to make business decisions with significant tax consequences. One example involves the compensation business owners pay themselves and whether those amounts are reasonable and whether the payments are deductible as “ordinary and necessary” business expenses. The answer can depend, in large part, on how the business […]

Podcast – BPB Knows Outsourced CFO Services

Posted on May 04, 2023

In this episode Mike Conkey shares the benefits of outsourced CFOs and finance team members to help professional services firms run more efficiently.

Trends in International Tax Reporting, Failure to File Penalties by Joel G. Young, JD, LLM

Posted on May 02, 2023 by Joel Young

U.S. tax law requires taxpayers to annually report many of their cross-border activities, including the existence of foreign bank accounts, interests in foreign companies and large gifts from foreign persons. While most of these reports are merely informational and have no bearing on taxpayers’ actual U.S. tax liabilities, failing to file the appropriate forms or […]

Category: Business Owners