Historic tax credits can be lucrative for businesses wanting to rehabilitate a historic building. The audit requires meticulous documentation and adherence to specific state and federal guidelines. Here is a guide on what will be needed for a state and/or federal historic tax audit from Wegmann Dazet partner Kathy Flattmann, CPA.
Given the scheduled reduction in the estate & gift tax exemption at the end of 2025, business owners should act proactively. With the potential sunset of the TCJA, business owners should reassess their estate planning strategies, and a business valuation can help
Consider a Business Valuation with the Potential Sunset of the TCJA in 2025 Read More »
As we reach peak hurricane season, Anita Zimmer, CPA, ABV, CFF explains how businesses should prepare now for that potential business interruption claim. For recovery of a financial loss, your insurance company will prepare an analysis comparing the lost revenues and expenses before and after the damage event and will require financial documentation. Read more for those records and documents needed and more on how to prepare.
Designed to make it easier for employees to save for retirement, the Secure Act 2.0 was signed on 12/29/22 and changes are still going into effect. Kathy Flattmann, CPA explains what businesses need to know for their retirement plan. It is a good idea for employers to review their plan document and determine what, if any, amendments will be needed.
SECURE 2.0 Act – What Businesses Need to Know for Their Retirement Plan Read More »
Entity Choice and Why It Matters for Tax Planning:
You’ve decided to start your own company, but how do you want to be taxed?
In this article, our very own Richard Tullier, CPA discusses some of the key differences between Partnerships and S Corporations.
Over the last few months, you have undoubtedly received emails claiming that you are missing out on hundreds of thousands of dollars in government funds due to the pandemic and that you should act before they expire. Before jumping in, take a look at the items below. Be careful with that email claiming ERC funds; that offer might not contain the full story.
EMPLOYEE RETENTION CREDITS – That offer might not contain the full story Read More »
The idea of selling a business can be daunting: finding a buyer and managing the process all while continuing to run the business may cause owners to wait until they need to sell. An owner can, however, take steps to alleviate the stress and uncertainty of selling, while helping to achieve the best value for the business. In this article, our friends at BDO USA provides recommendations that can position your company for a smoother sale process, whether selling to an internal buyer, a financial buyer, or a strategic partner.
One area of taxation that has seen significant change in the last few years is sales and use tax. Wegmann Dazet’s Allison Civello, CPA explains that due to changes to sales tax nexus, some businesses might not be paying required use taxes, or they might be paying the tax to the wrong jurisdiction, or they might be
The IRS on October 19 issued IR-2022-183, warning employers to be wary of promotions for the employee retention credit (ERC) that sound too good to be true
IRS Urges Caution with Schemes Promising ERC Help Read More »
Our friends at BDO explain that Research & Experimental (R&E) expenditures after December 31, 2021 will no longer be immediately tax deductible. Instead, businesses are subject to mandatory capitalization of R&E expenses – now they must capitalize and amortize these expenditures over a period of either 5 or 15 years, depending where the research takes
MANDATORY CAPITALIZATION OF R&E EXPENSES – THE IMPACT ON LIFE SCIENCES COMPANIES Read More »
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