Tax Planning Tips for Digital Businesses and E-commerce

Tax planning for digital and e-commerce businesses brings unique challenges and opportunities. Effective tax management can be tricky with diverse revenue streams, cross-border sales, and constantly evolving regulations. Here’s a guide to navigating the tax landscape and making the most…

Navigating Tomorrow: Year-End Tax Strategies for Business Owners

As we near year-end, proactive tax planning becomes more crucial than ever for businesses and family offices with complex tax portfolios. While 2024 hasn’t brought significant legislative tax changes, foundational tax strategies remain invaluable. With potential transactions and evolving state…
Corporate-Owned Life Insurance Tax

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…

IRS Adopts Final Digital Asset Tax Reporting Rules with Some Revisions

The IRS on June 28 issued final regulations on information reporting for digital asset transactions. The final regulations require “brokers” to report gross proceeds, cost basis, and gain or loss on sales and exchanges of digital assets, including cryptocurrency, stablecoins,…
Reporting Digital Asset Proceeds

IRS Issues Draft Form for Reporting Digital Asset Proceeds from Broker Transactions

Written By: Eric Gashin, CPA, MBA On April 19, 2024, the IRS published draft Form 1099-DA for reporting digital asset proceeds from broker transactions. The draft form is to be furnished by brokers of digital assets beginning in 2025. The…
State Tax Credits and Incentives

Navigating State Tax Credits and Incentives for Business Expansion

Written by: Jonathan C. Hitter, CPA, MST, CGMA Navigating through various financial strategies is essential for any business owner aiming to enhance profitability and ensure sustainable growth. These financial benefits, offered by state governments, are designed to spur economic development…
Employee Retention Credit Audits

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…