Business Owners

Outsourcing CFO Services Yields Significant Benefits for Small, Mid-Size Businesses by Debra Sears, CPA

Posted on October 17, 2023 by Debra Sears

Operating a small business comes with a wealth of opportunities and an equally abundant set of complexities, including tax reporting, regulatory compliance and meticulous financial recordkeeping. For many entrepreneurs, hiring full-time professionals to oversee these functions in-house is simply unaffordable. Instead, a growing number of businesses are turning to outsourced CFO services for on-demand assistance with […]

Tax Implications for S Corporations Filing for Bankruptcy by Richard E. Cabrera, CPA, JD, LLM

Posted on October 12, 2023 by Richard Cabrera

Just as business owners must consider the tax implications of their companies’ legal structures before beginning operations, special care should be taken to address these issues on a consistent basis throughout the organization’s lifecycle, especially before filing for bankruptcy. According to the IRS, the majority of US corporations are structured as pass-through entities, including sole […]

4 Red Flags of Employee Retention Credit Abuses by Joseph Leocata, JD, CPA, MBA

Posted on September 28, 2023 by Joseph Leocata

The introduction and subsequent expansion of the employee retention credit (ERC) offered a valuable lifeline to businesses struggling to preserve jobs and pay workers through the pandemic despite interruptions to normal operations or significant declines in gross revenue. However, over time, the IRS has identified a significant number of schemes perpetrated by criminals to con […]

Podcast – Tax Tips and Traps for People Who Own Airplanes

Posted on September 21, 2023

On this episode Director of Tax Services Jonathan Kraes shares issues and opportunities for individuals who purchase private airplanes.

A Cautionary Tale About Expert Testimony in Damages Calculations by Joel Glick, CPA/CFF, CFE, CGMA

Posted on September 19, 2023 by Joel Glick

A Pennsylvania judge recently vacated a plaintiff’s $25 million damages award based on the plaintiff’s expert failure to provide at trial “a sufficient factual basis” for the numbers he relied on for calculating lost profits. Although the judge in Paramount Financial: Civil Action Communications, et al. v. Broadridge investor: Communications Solutions agreed with the jury’s […]

Podcast – BPB Knows Repair Regulations

Posted on September 07, 2023 by Joseph Leuchter

In this episode Associate Director of Tax Services Joseph Leuchter explains how repair regulations can create favorable tax situations for business owns, real estate developers and other tax payers.

The Best Way to Prepare for an IRS Audit is to Keep Your Financial Life in Order by Sarah Gaymon, CPA

Posted on September 06, 2023 by Sarah Gaymon

The best remedy for an audit is to be prepared for one before the audit letter arrives. Tax-planning decisions should never be made based on the likelihood of a potential IRS audit; however, you can set yourself up for success if an audit occurs. Following are 10 tips to help you keep your financial life […]

IRS Cracks Down on Potentially Abusive Malta Pension Plans by Joseph Leocata, JD, CPA, MBA

Posted on August 30, 2023 by Joseph Leocata

The IRS’s Criminal Division ramped up its enforcement efforts relating to Maltese pension plans, which gained popularity after the signing of the U.S.-Malta Tax Treaty 2011 and the subsequent enactment of Malta’s Retirement Pension Act of 2011. In recent weeks, the department began issuing summons to U.S. taxpayers who participated in Maltese pension plans and […]

Podcast – BPB Knows PCAOB Audits

Posted on August 17, 2023 by Brent Leslie

In this episode, Director of Assurance and Advisory Services Brent Leslie explains PCAOB audits and what types of companies benefit from them.

Deciding Whether a Private Foundation or Donor-Advised Fund is Best for You by Adam Cohen, CPA

Posted on August 09, 2023 by Adam Cohen

Charitable giving is a critical component of financial planning that enables individuals to support organizations and causes close to their hearts. While many people donate cash directly to nonprofit charities, those with substantial wealth often go one step further to create a legacy of philanthropy for future generations via a private foundation or a donor-advised […]

Category: Business Owners