Consulting Archives - Walter Shuffain

Supreme Court Ruling on Taxation of Corporate-Owned Life Insurance: What Business Owners Need to Know

Written by: William Cooper, CPA On June 6, 2024, the Supreme Court issued a ruling in Connelly v. United States that has significant implications for privately held business owners. The Court unanimously decided that the value of company-owned life insurance…

Employee Retention Credit: Prompt Response Necessary as IRS Sharply Increases Compliance Action Through Taxpayer Audits

Written By: Jonathan C. Hitter, CPA, MST, CGMA To combat a wave of frivolous employee retention credit (ERC) claims, the IRS has sharply increased compliance action through audits and criminal investigations, with more activity planned in the future. In this…

Understanding the Tax Relief for American Families and Workers Act of 2024

The House Ways and Means Committee approved The Tax Relief for American Families and Workers Act of 2024, symbolizing a legislative victory for taxpayers, especially small business owners and professionals. This proposed legislation deserves a detailed look due to its…

Data and Technology Are Key to Managing Third-Party Risk

In today’s globalized business environment, no company operates alone. From manufacturers to financial services companies to cloud service providers, external vendors are integral to every business’s success — though each third-party relationship also introduces potential risks. This ecosystem of interconnected…

2023 Year-End Guide – Financial Transactions

The tax rules dealing with financial transactions and instruments can be complicated, but failure to understand these rules and their application to your business’s transactions could result in negative tax consequences or forgone opportunities. As part of year-end planning and…

Navigating the Corporate Transparency Act: What Business Owners Need to Know

The imminent enforcement of the Corporate Transparency Act (CTA) is a critical turning point that demands immediate attention from business owners to avoid severe penalties. Ultimately, business owners need to understand that it’s the business owner’s responsibility to ensure you…

The Top 12 Tax Scams to Avoid According to the IRS

Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when…

The Future of Cryptocurrency

Written by: Leah Belanger, CPA, MSA and William Cooper, CPA Cryptocurrencies have been making their mark on financial services for over a decade. But the past year has seen incredible highs and lows, with the crypto market losing over $2…

Funding a Buy/Sell Agreement with Life Insurance

Written by: David Cooper, CPA Any time multiple owners in a business are active in day-to-day operations, the business owners should have a buy/sell agreement. A buy/sell agreement is a binding contract between co-owners that controls when owners can sell…

The New 1099-Ks Are Coming: Are You Ready?

Written by: Jonathan Hitter, CPA, MST, CGMA A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals…

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