Category: Small Business

Small Business

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 […]

Now is the Time to Put your Swap Powers to Use by Jeffrey M. Mutnik, CPA/PFS


Posted on April 12, 2023 by Jeffrey Mutnik

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. […]

IRS Sets Standard Mileage Rates for Use of a Vehicle in 2023 by Steven Rubin, CPA


Posted on March 23, 2023 by Steven Rubin

With the start of a new year, the IRS announced the inflation adjustments taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes. Alternatively, taxpayers may calculate these deductible expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2023, the […]

Partnerships and S Corporations Face New K-2 and K-3 Filing Requirements by Claribel Velazquez, CPA


Posted on March 08, 2023 by Claribel Velazquez

Beginning with tax year 2021, the IRS required partnerships, S corporations and other pass-through entities with “international tax relevance” to annually prepare new Schedules K-2, Partners’ Distributive Share Items – International, and K-3, Partner’s Share of Income, Deductions, Credits, etc. – International along with their Schedules K and K-1. Today, however, as these entities prepare […]