Tax rates are historically low, but how long will they stay that way?

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.

Executives often receive lucrative compensation packages. But for some, it isn’t enough and they engage in illegal activities to line their own pockets. The Association of Certified Fraud Examiners (ACFE) has found that owners and executives commit 20% of occupational fraud. However, they’re responsible for the largest median loss of $600,000. (In comparison, rank-and-file employees who steal are responsible for a median loss of just $60,000.)

Recently, the news media has given a lot of attention to initial public offerings using special purpose acquisition companies (SPACs). But there’s another major transaction that’s gaining momentum amid the economic chaos caused by the COVID-19 pandemic: privatizations. Going private (also known as delisting) has many benefits, including:

Are you looking for different ways to give your business an edge with its finances? Do you find yourself overwhelmed whenever you have to think about accounting? If so, then you need to invest in outsourced accounting for your business.

The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing taxpayers' accounts, according to a union that represents employees in the Service and other federal agencies.

The Internal Revenue Service issued a filing season reminder this week that those taxpayers who pay expenses for the care of a qualifying person while working or looking for work may qualify for an important tax credit.

Remember back to when you received your first paycheck. You were so excited. You knew how much you were earning per hour and how many hours you worked, and you couldn’t wait to go out and splurge on something you’ve been dying to get. You were handed your paycheck envelope and tore into it with great anticipation and … wait a minute … that’s not even close to what you expected.

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties.