Business Owners

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. […]

IRS Extends Tax Deadlines for Broward County Residents by Karen A. Lake, CPA

Posted on May 22, 2023 by Karen Lake

The IRS extended until August 15, 2023, various federal tax filing and payment deadlines for individuals and businesses impacted by recent storms, tornadoes and flooding in South Florida’s Broward County. This relief is available to individuals who reside or have a business in a federally declared disaster area or whose records necessary for filing tax […]

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.

Florida Businesses Can Claim Tax Credits for Student Interns by Karen A. Lake, CPA

Posted on April 19, 2023 by Karen Lake

For tax years 2022 and 2023, businesses located in Florida may claim an Internship Tax Credit of up to $2,000 per student, per year, for up to five student interns they hire from one of the state’s public universities or colleges. That translates to as much as $10,000 a year in tax credits qualifying businesses […]

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. […]

Businesses with R&D Expenditures Must Prepare for the Risk of Higher Taxes by Karen A. Lake, CPA

Posted on March 27, 2023 by Karen Lake

Congress closed out another year without restoring taxpayers’ ability to fully deduct research and development (R&D) expenditures in the year incurred, a taxpayer-friendly provision of the Internal Revenue Code that had been in place for nearly 70 years before 2022. This change has had significant implications for many businesses that were again surprised to find […]

Category: Business Owners