Category: Small Business

Small Business

Expanded Tax Credit for Businesses Installing Alternative Fuel Refueling, Recharging Equipment by Claribel Velazquez, CPA


Posted on August 01, 2023 by Claribel Velazquez

The Inflation Reduction Act of 2022 (IRA) includes several tax credits and deductions intended to incentivize taxpayers to adopt alternative energy solutions in their homes and businesses. One such credit applies to the installation of products or facilities that store or dispense alternative fuels to motor vehicles, including electric charging stations and bidirectional charging equipment. […]

FTC Safeguard Rules Make Data Security a Priority for Many Businesses by Brandon Bowers


Posted on July 27, 2023 by Brandon Bowers

Effective June 9, 2023, certain businesses engaged in financial services activities must comply with the Federal Trade Commission’s Standards for Safeguarding Customer Information Rule (Safeguard Rule), which requires the development, implementation and maintenance of appropriate policies, systems and other defenses to protect customers’ personal information from cyberattacks and other threats. However, many businesses remain unaware […]

IRS Resumes Automatically Generated Correspondence with Taxpayers by Joseph Leocata, JD, CPA, MBA


Posted on June 22, 2023 by Joseph Leocata

The IRS significantly reduced the backlog of tax returns and other taxpayer correspondence it could not process during the pandemic. Consequently, the agency announced it would soon resume mailing collection notices to affected taxpayers. The agency previously suspended these automatically generated notices in early 2022. According to the IRS, the pandemic and related introductions of […]

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 […]