Business Owners

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 […]

Current Guidelines for Retaining Tax Documents by Adam Cohen, CPA

Posted on April 24, 2023 by Adam Cohen

After filing your federal income tax return, you will likely be left with a significant stack of legal and financial documents. Don’t throw them away. You will need them in the event your return becomes the subject of an IRS audit. Here’s everything you need to know about document retention and how to protect yourself […]

Podcast – BPB Knows Bonus Depreciation

Posted on April 20, 2023 by Joseph Leuchter

In this episode Associate Director of Tax Services Joseph Leuchter explains bonus depreciation, changes to the law and why it’s important to plan before simply checking a box each year.

Now is the Time to Put your Swap Powers to Use by Jeffrey M. Mutnik, CPA/PFS

Posted on April 12, 2023

A key element of estate planning involves the creation of trusts to protect assets from creditors and provide financial security for beneficiaries. Over time, and especially as tax laws change, individuals must reassess existing plans and consider making changes or taking other actions to improve tax efficiency and wealth preservation for themselves and future generations. […]

Category: Business Owners