Many manufacturing companies fail to take advantage of the generous research and development (R&D) tax credit simply because they don’t have staff working in a lab. The Internal Revenue Service’s (IRS) definition of R&D is codified at Internal Revenue [...]
We are all aware of the recent natural disasters, not to mention cyberattacks. Fortunately, people and businesses can recover from these emergencies. They rebuild and move forward. Understand Plan Goals It is difficult, but having a disaster recovery plan [...]
Just because you run a nonprofit, it doesn't mean you can completely ignore taxes. You still have to file. In fact, if your nonprofit fails to file its annual federal return (Form 990) for three consecutive years, its tax-exempt [...]
Most of the estimated 1.5 million nonprofit organizations in the United States are 501(c)(3) organizations, but there are many other categories of nonprofits. The nonprofit’s membership, mission and structure dictate which category is most appropriate for your nonprofit. Many [...]
The Tax Cuts and Jobs Act (TCJA) made many changes to the Tax Code, including increasing the standard deduction to $12,000 for a single taxpayer and to $24,000 for a married couple filing jointly. It also raised the capital [...]
Business valuations are used for many reasons. Some are fully business related, such as applying for a bank loan to expand your business, whereas others are more personal, for example, getting divorced. Whatever the reason, it is important to [...]
Your business is humming along. You have no plans to sell or to go public. You're planning to keep your business going and growing for the foreseeable future. Your advisor suggests you have a baseline valuation done on your [...]
At some point in an attorney–client relationship, the attorney will hold funds for his or her clients. Generally, these funds come in the form of a retainer, monies collected from a legal settlement or funds collected when an attorney [...]
The new QBI deduction, created by the 2017 tax reform law, allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Eligible taxpayers can also deduct [...]
If you find yourself on life support, who will make decisions for you? Unfortunately, it's been estimated that fewer than one in three Americans have what's called a living will or advance health care directive. But no matter what [...]
