October 1, 2024
When you buy a house, can you deduct seller-paid points on your tax return? Here are the rules.
September 27, 2024
Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership or LLC operating agreement.
September 27, 2024
Construction businesses that work on clean energy projects may have some great opportunities ahead. Here’s a look at the substantial tax incentives involved.
September 10, 2024
With 2025 closing in fast, here are year-end moves to consider that may help your small business save on taxes.
September 4, 2024
Not every type of gain or income is subject to federal income tax.
August 23, 2024
If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complex than you imagined.
August 20, 2024
Disability income may or may not be taxable by the federal government. Here are the basic rules.
August 20, 2024
A proposed change by the Financial Accounting Standards Board would create a standardized method for public and private companies to report government grants.
August 19, 2024
The IRS has brought back a program that allows businesses to repay wrongfully gained employee retention credit money and avoid penalties.
August 6, 2024
Getting a divorce can be an agonizing process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are six issues to consider if you’re getting a divorce.
August 2, 2024
For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.
July 24, 2024
The federal estate tax exemption is $13.61 million, so now is the time to think about saving income taxes for your heirs rather than worrying about estate taxes.
July 18, 2024
There are many tax implications to consider in the sale of business property, and they can be complex.
July 2, 2024
Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.
June 21, 2024
Even if your business is established and on solid ground, don’t overlook the potential value of a detailed business plan.
June 18, 2024
There are several factors to consider when converting from a C corporation to an S corporation. Here are four of the tax issues you may face.
June 14, 2024
Investing in mutual funds is popular, but selling shares may result in complicated tax matters. Here are the rules.
June 7, 2024
If you’re 62 or older and own a highly appreciated house, a reverse mortgage may provide a way to stay in the home for your lifetime, gain extra income, and receive a tax-saving bonus.
May 17, 2024
There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.
May 13, 2024
Comprehensive financial reporting often isn’t a priority for many dental practices, but it’s a growing necessity in a competitive marketplace.
May 7, 2024
New federal rules regarding overtime pay and noncompete agreements have recently been approved.
May 1, 2024
If you’ve inherited an IRA, you need to know about the latest IRS guidance.
April 29, 2024
Two members of Congress recently announced the formation of 10 committee tax teams, each of which will address key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire in 2025.
April 28, 2024
The IRS has offered guidance on the tax treatment of energy efficiency rebates introduced by the Inflation Reduction Act.
April 26, 2024
The state’s decision to remove the property value option – or “alternative base” – from Tennessee’s franchise tax is expected to provide $1.55 billion in refunds for about 100,000 businesses.
April 17, 2024
In some parts of the United States, rental property is a hot commodity. If you’ve considered getting into the race by turning your house into a rental, consider the ups and downs of being a landlord.
April 9, 2024
Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be tax issues to consider, including three at the top of the list.
April 4, 2024
Businesses typically adopt one of two common accounting standards – either U.S. Generally Accepted Accounting Principles (GAAP) or tax-basis reporting accounting – to prepare their financial statements. Knowing the differences is crucial to decide which is best for you.
April 3, 2024
The April 15 tax deadline is approaching, but what if you’re not ready to file? There are simple steps to avoid steep penalties.
April 2, 2024
The SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained bad news for certain beneficiaries of inherited retirement accounts.
March 13, 2024
Many retirees are surprised to find out that some of their Social Security benefits are hit with federal income tax. Don’t be one of them.
March 11, 2024
The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don’t count on it. Here’s what you need to know to make the most of it while you can.
March 6, 2024
The deadline to comply with a new U.S. Department of Labor rule regarding worker classification is March 11.
March 5, 2024
Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing research activities. This tax break got better under the Inflation Reduction Act.
February 27, 2024
As the manufacturing landscape continues to evolve and globalization continues to shift, many industrial businesses are assessing how mergers and acquisitions (M&A) will fit into their strategy.
February 26, 2024
Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a business that way.
February 18, 2024
Many employers who sought the employee retention credit aren’t even aware that they’re at risk of penalties and steep fines for making fraudulent claims. The IRS says these signs might help.
February 9, 2024
Is it better for a married couple to file a joint tax return or file separately? The answer: It depends.
January 26, 2024
There’s a new benefit plan that businesses can offer as an employee perk: pension-linked emergency savings accounts. Here’s how they work.
January 23, 2024
You might not think your 21- or 22-year-old child is subject to a “kiddie tax,” but the IRS disagrees. Don’t let the tax rules catch you by surprise.
January 16, 2024
When will 1099 forms arrive? When is the best time to file a tax return? Here are answers to the most common questions heading into tax season.
January 10, 2024
If you own a business where your staff receives tips, you might qualify for a lucrative tax break.
January 5, 2024
A new program and IRS form will allow businesses to pay back money and avoid penalties resulting from wrongful ERC claims.
January 3, 2024
The real estate market can be tricky, but there’s still big profit potential on business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.
December 23, 2023
Residents of Davidson, Dickson, Montgomery, and Sumner counties qualify for special IRS exemptions as a result of the early December storms.
December 20, 2023
Making repairs and making improvements to your business might produce the same results, but they’re nothing alike when they’re listed on your 2023 tax return.
December 19, 2023
There’s a great tax perk that allows businesses to deduct employee bonuses this year but doesn’t tax the employee until next year. Unfortunately, that rule doesn’t always apply.
December 13, 2023
Dealing with the unexpected is part of business, and depending on the timing and situation, it can throw a big wrinkle into a company’s financial reporting.
December 12, 2023
It’s not just Santa who’s watching this time of year — so is Uncle Sam. To stay off his naughty list, remember which types of holiday joy are taxable and which aren’t.
December 5, 2023
There aren’t a lot of options to change your tax situation as the year winds down. Here’s a look at four that could still save you money.
December 4, 2023
If you’re strapped for cash, you might see the money sitting in your traditional IRA as a good solution. But if you’re under age 59½, pulling money from your IRA can come with a hefty penalty.
December 1, 2023
Even with a newly extended deadline, many businesses appear unprepared to provide “beneficial owner” information to the Financial Crimes Enforcement Network.
November 29, 2023
New Form 1099-K requirements have been delayed for a second year, giving online sellers a brief reprieve.
November 29, 2023
For many flexible spending accounts, the deadline is approaching to either use the funds or lose them.
November 28, 2023
More businesses, corporations, and partnerships must file electronically starting January 1 as the IRS moves to reduce paper filings.
November 24, 2023
The holiday whirlwind has begun, but don’t ignore a few potential ideas for your small business to save on 2023 taxes.
November 17, 2023
If your child is fortunate enough to get a scholarship, is the amount taxable income? For some, yes, but there’s good news for most families.
November 17, 2023
Making time for year-end tax planning time now may prove beneficial come tax-filing time next year.
November 9, 2023
Standard deductions and limits on the alternative minimum tax, earned income tax credit, and HSA contributions are among changes that will affect filings in 2025.
November 2, 2023
Special per diem rates designed to simplify business expense reporting went into effect October 1 for the upcoming fiscal year. But the new rules come with a variety of restrictions and caveats.
October 31, 2023
Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.
October 29, 2023
Finding nursing home care for an elderly parent can be stressful and emotional even before finances come into the picture. But when that time comes, it might help to remember a few tax breaks that can help ease the financial strain.
October 21, 2023
The earnings cutoff to determine who pays Social Security tax will expand by more than $8,000 next year.
October 9, 2023
New guidance will require that a joint venture must initially measure its assets and liabilities at fair value on the formation date.
October 6, 2023
It’s common practice to deduct business expenses on tax returns. But to be deductible, expenses must be ordinary, necessary, and reasonable. Here are the rules.
October 2, 2023
Higher-income taxpayers can face the additional net investment income tax if gross income totals reach certain six-figure levels. It’s important to know how the tax is calculated and planning strategies that can soften the tax hit.
September 22, 2023
Identifying related parties is just one of many parts that go into preparing financial statements. Here’s why they matter, why auditors give them scrutiny, and how to avoid the risks that often accompany them.
September 22, 2023
Healthcare organizations have significant financial incentives to capitalize on tax credits available from the IRA when investing in clean energy assets.
September 20, 2023
Many companies offer health savings accounts to their employees. You might also be able to open one of these tax-saving accounts through certain banks and other financial institutions. Here are the basic rules.
September 19, 2023
With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through the end of 2023.
September 18, 2023
Buying or selling a business? It may be the most important transaction you ever make, so it’s important to understand the tax implications as you negotiate.
September 8, 2023
The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.
September 6, 2023
Make the most of estate and gift tax exemptions now before deduction limits change in 2026.
September 5, 2023
Inflation hasn’t been all bad news for business owners. One significant upside is that the amount of depreciation tax breaks for businesses has increased for 2023.
August 24, 2023
If your employer provides you with group term life insurance, it may add to your tax bill. It depends on the amount. Here are the rules.
August 22, 2023
Discover how the generation-skipping tax could impact your estate planning.
August 16, 2023
Scammers are hyping quick, easy money from the employee retention tax credit, but despite what you might hear in the slick advertisements, the IRS has a warning for employers.
August 9, 2023
Take a closer look at recent changes in tax accounting methods for cost recovery, losses, and more.
July 25, 2023
Tennessee’s annual sales tax holiday weekend is July 28-30, 2023, followed by a new three-month grocery tax holiday that starts August 1.
July 19, 2023
If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings.
July 10, 2023
Criminals keep coming up with new ways to try and steal information from taxpayers. Here are a few of their scams and how you can avoid them.
June 26, 2023
The Trust Fund Recovery Penalty is personally imposed on business owners and managers when employment taxes aren’t paid to the government. Here are the rules, along with two cases where individuals were held liable for the harsh penalty.
June 13, 2023
If your business has the option to deduct real estate expenses or depreciate them over several years, the decision might seem simple. But there are multiple factors to consider.
May 30, 2023
You’ve probably heard that probate should be avoided in estate planning. But what does that mean, and how is it done?
May 25, 2023
The guidance on classifying cash flows among operating, investing, and financing activities remains a gray area – even more confusing when transactions have aspects of more than one type of activity.
May 22, 2023
These days, more businesses are filling vacant positions and saving money by using independent contractors. Knowing the basic rules can keep you out of trouble with the IRS.
May 19, 2023
Don’t ignore tax planning as work slows and retirement gets closer. There could be a new set of tax challenges around the corner.
May 9, 2023
Even if you filed your 2022 tax return by the deadline, you might still have questions. We’re often asked about refund status, how long to keep records, and when an amended tax return should be filed. Here are the simple answers.
May 3, 2023
Tax law changes are coming for Tennesseeans, including a three-month grocery tax holiday, paid family leave tax credit for employers, and a host of other cuts to business and F&E taxes.
April 28, 2023
Middle market companies engaging in research and development activities face new challenges due to new Section 174 rules. Here are answers to some of the most common questions stemming from the new requirements.
April 25, 2023
Understanding new Section 174 rules is essential for business owners to prevent costly surprises and preserve cash flow.
April 17, 2023
The federal tax code encourages businesses to invest in historic buildings with a tax credit. Here are the ways it can help if your business moves or expands.
April 11, 2023
If your spring cleaning includes sending tax paperwork to the trash pile, think about the potential value of those documents if you’re involved in a future IRS audit.
April 6, 2023
Filing as a “head of household” instead of “single” could save you money when it’s time to file your taxes. Do you qualify?
March 28, 2023
Bank collapses in the U.S. aren’t common, but when it happens, it can be a harrowing experience for customers whose money is at risk. Limit your potential losses by remembering these key points of FDIC coverage.
February 27, 2023
Higher costs for labor and materials are still putting a chill on profitability for many construction companies. These eight steps might seem simple, but overlooking just one could cost you money.
January 16, 2023
Every business can be an innovator. The research tax credit is a way to reward that innovation, and it comes with an intriguing feature related to payroll taxes.
April 23, 2022
Misunderstanding the complex rules of tracking employee hours can lead to errors, confusion, and wasted hours. Here are a few ways to hold the line for your next construction project.
November 9, 2021
Feeling generous this year? There are a few rules to consider when you make charitable contributions and gifts to loved ones.
November 3, 2021
Moving closer to family and taking advantage of better weather are just two reasons you might retire to another state. Don’t forget to consider state and local tax implications before you plan a move.
July 3, 2021
Tennessee offers a variety of tax-saving credits. Do you know what’s available and how they could help your business?
August 7, 2020
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
December 17, 2019
Should you file your tax return as a single person, a married couple filing jointly, a “head of household” or some other status? Know what the federal tax filing statuses are and who can claim them.