Business Owners

Podcast – BPB Knows Estate Planning

Posted on May 19, 2022 by Jeffrey Mutnik

In this episode Director of Tax Services Jeff Mutnik explains when someone needs an estate plan and the potential tax and legacy value in creating a plan, including avoiding probate and trusts you can control before and after death.

Owning and Selling C Corporations vs. S Corporations by David E. Kolan, CPA

Posted on May 18, 2022 by David Kolan

The pandemic has spurred a tsunami of entrepreneurial new businesses. According to the U.S. Census Bureau, a record 5.4 million new business applications were filed in 2021, compared to 4.4. million in 2020 compared to 3.5 million before the pandemic in 2019. Whether these ventures will prove successful remains to be seen, but each one […]

Businesses Have Legal Obligations to Identify, Report Unclaimed Property by Karen A. Lake, CPA

Posted on May 12, 2022 by Karen Lake

All 50 states and the District of Columbia have laws regulating the disposition of unclaimed property, whose title must transfer to the state after a set period through the legal process of escheatment. Over the past year, however, several states have changed their laws, stepped-up enforcement efforts and initiated litigation to help ensure businesses and […]

What To Do After Filing Your Tax Returns by Tomoko Shoji, CPA/PFS, CFP

Posted on May 10, 2022 by Tomoko Shoji

Congratulations! You filed your tax return (or requested a filing extension) and paid your tax liabilities by the April deadline. However, there are circumstances for which you may need to amend your return and/or attempt to reduce your tax liabilities for the current year. Following are some tips to keep in mind after filing your […]

Podcast – BPB Knows Credits and Incentives

Posted on May 05, 2022 by Karen Lake

In this episode Director of Tax Services Karen Lake shares information about SALT, state and local tax credits, work opportunity tax credits and more.

Business Interest Expense Deductions Become More Restrictive in 2022 by Heath Standorf, CPA

Posted on April 11, 2022 by Heath Standorf

One of the few unfavorable provisions of the Tax Cuts and Jobs Act (TCJA) recently became even more detrimental to certain businesses. Effective Jan. 1, 2022, the amount of net business interest expense (BIE) businesses may deduct from taxable income is further reduced. The results have the potential to increase investment and borrowing costs, making […]

Podcast – BPB Knows Business Valuations

Posted on April 07, 2022 by Scott Bouchner

In this episode Director of Forensic and Advisory Services Scott Bouchner explains business valuations, when they are useful and how to get started.

IRS Updates Tax Reporting Requirements for Carried Interest by Angie Adames, CPA

Posted on April 05, 2022 by Angie Adames

At the end of 2021, the IRS issued new guidance for certain passthrough entities and other taxpayers to use for purposes of reporting applicable partnership interests (API) held in connection with the performance of services, also referred to as “carried interest.” The guidance, provided in the form of frequently asked questions (FAQs), updates final regulations […]

Last-Minute Tips to Cut Your Tax Bill by Jason Morely, CPA/PFS

Posted on March 18, 2022 by Jason Morley

Before filing your 2021 individual tax returns, consider if there is anything else you can do to reduce the taxes you owe Uncle Sam. While your annual tax liability is based primarily on the income you earned and the actions you took before December 31, 2021, you may qualify for a last-minute opportunity to cut […]

New Law Requires Reporting of Certain Transactions Involving Venmo, PayPal and Other Payment Apps by Savannah Snow, CPA

Posted on February 17, 2022 by Savannah Snow

Mobile-payment-processing apps, such as PayPal, Venmo, Cash App and Square, have made it easy for friends and family to send and receive payments as gifts or reimbursements for shared expenses. The use of these platforms has also spread to the commercial sector, where a growing number of businesses accept them as forms of payment for […]

Category: Business Owners