Business Owners

Planning Around Changes to the Cap on Deductions for State and Local Taxes by Luke Lucas, CPA

Posted on April 10, 2025 by Luke Lucas

The $10,000 annual cap on state and local tax (SALT) deductions introduced to the tax code in 2017 during President Trump’s first term is set to expire at the end of 2025. That could be good news for top-earning taxpayers in high-tax states, including California, Connecticut, New Jersey and New York, who have had to […]

FinCEN Reinforces Beneficial Ownership Information Reporting for a Narrow Scope of Foreign Companies Registered to Do Business in the U.S. by Joel G. Young, JD, LLM

Posted on April 01, 2025 by Joel Young

On March 26, 2025, the Financial Crimes Enforcement Network (FinCEN) published an interim final ruling lifting a previous requirement for U.S. companies to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). At the same time, however, the ruling reinforces a reporting requirement for a narrower scope of foreign companies. Domestic entities and […]

Understanding Nexus and Its Impact on State and Local Tax Burdens by Karen A. Lake, CPA

Posted on March 25, 2025 by Karen Lake

Nexus is a minimum connection businesses have with a particular state that can activate state and local tax (SALT) obligations. Managing SALT compliance can be especially challenging when considering that tax rates, the criteria for creating nexus and the standards for imposing state income, sales and franchise taxes vary widely from one state to the […]

Podcast – BPB Knows State and Local Tax Credits

Posted on March 20, 2025 by Luke Lucas

In this episode, Associate Director of Tax Services Luke Lucas, CPA, shares often overlooked state and local tax issues, deductions and credits.

The Impact of IRS Workforce Reductions on Tax Enforcement: What Taxpayers Need to Know by Michael J. Brennan, CPA

Posted on March 19, 2025 by Michael Brennan

The Trump administration’s calls to reduce the size of the federal government and make the federal workforce more efficient[1] are expected to have a significant impact on the work of the Internal Revenue Service (IRS) and potentially end the agency’s 10-year plan to expand its tax compliance enforcement activities. However, savvy taxpayers should not assume […]

Planning for the Possible Phase Out of Bonus Depreciation by Joshua P. Heberling, CPA

Posted on March 18, 2025 by Joshua Heberling

The 2017 tax cuts introduced a temporary bonus depreciation provision that allowed businesses to immediately write off 100 percent of their costs for new and used qualifying property they placed into service between Sept. 28, 2017, and Dec. 31, 2022. The rate of this first-year depreciation deduction has decreased by 20 percent each subsequent year […]

Podcast – BPB Knows Piercing the Corporate Veil

Posted on March 06, 2025 by Joel Glick

In this episode Director of Forensic and Advisory Services Joel Glick, CPA/CFF, CFE, CGMA, explains the concepts behind piercing the corporate veil and how in partnership disputes and damages claims.

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 […]

Category: Business Owners