Business Owners

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 […]

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 […]

Employers Face New Rules for Retirement Savings Plans in 2025 by Melissa Fleitas, CPA

Posted on January 21, 2025 by Melissa Fleitas

The passage of the SECURE Act 2.0 in 2022 introduced sweeping changes to help enhance taxpayers’ retirement savings opportunities and improve the costs and managerial headaches employers face administering employee benefits plans, including 401(k)s, 403(b) and 457(b) plans. Since that time, employers of all sizes have gained expanded tax credits for establishing employee retirement savings […]

IRS Sets Standard Mileage Rates for Vehicle Use in 2025 by Steven Rubin, CPA

Posted on January 14, 2025 by Steven Rubin

The IRS released the standard mileage rate taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes in tax year 2025. Taxpayers also have the option to calculate these expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2025, the […]

IRS Announces 2025 Inflation Adjustments to the Tax Code by Jonathan Kraes, CPA

Posted on January 08, 2025 by Jonathan Kraes

Following are the annual inflation adjustments to various provisions of the tax code, which you will use when you file your 2025 federal income tax returns in 2026. It is important to recognize that some of these tax rates, deductions and exemptions will expire or reset at the end of the year under the Tax […]

UPDATED: IRS Updates Final and Proposed Regulations Related to Foreign Gains and Losses Under Section 987 by Jairan Shirazi

Posted on December 23, 2024 by Jairan Shirazi

One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […]

Podcast – BPB Knows M&A Transactions

Posted on December 19, 2024 by Fabio De Filippo

In this episode Director of Transaction Advisory Services Fabio De Filippo, CPA, shares considerations for business owners who are planning to sell their companies and the steps they should take to get everything in order to maximize opportunities,

Category: Business Owners