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Big Change in the Business Meals & Entertainment Deduction

Big Change in the Business Meals & Entertainment Deduction
One of the biggest caveats for business owners in the new Tax Cuts and Jobs Act (TCJA) is the complete loss of the business entertainment deduction. No longer can you deduct 50% of qualified business entertainment like ending a productive day with a client at the ballpark. But what about business meals, or meals that include some element of entertainment? That area is less defined.

Cryptocurrency 101 for Small Businesses

  • 27 February 2018
  • Author: Alexander Carr
  • Number of views: 467
  • 0 Comments
Cryptocurrency 101 for Small Businesses
Bitcoin and other cryptocurrencies are all over the news lately, yet it remains a mystery to many small business owners. We know you’ve got questions, so we compiled a simple Q&A using advice from cryptocurrency experts to help explain what cryptocurrency is,

when it might be a good idea for small businesses, and how it’s taxed.

Our Annual Charitable Giving Guide

  • 29 November 2017
  • Author: Alexander Carr
  • Number of views: 690
  • 0 Comments
Our Annual Charitable Giving Guide
Are you closing out the year on a high note? If so, consider giving to charities to offset potential capital gains taxes. With so many questions surrounding possible new tax laws in 2018, it may be more important than ever to take advantage of charitable giving opportunities before the end of the year. That’s because if your tax burden reduces in 2018, so will the tax value of those charitable contributions. If you are unsure of which charity you wish to support, you can always open and fund a Donor Advised Fund. The contributions made before December 31 are deductible, even though you don’t designate the charities until 2018 or even further into the future. Also, there are laws in place right now that can make giving even more beneficial. For example, if you’re 70 ½ or older, you can donate up to $100,000 from your IRA as part of your Required Minimum Distribution to charity each year, tax free.

7 Signs Your Business Entity Needs to Change

  • 26 September 2017
  • Author: Alexander Carr
  • Number of views: 754
  • 0 Comments
7 Signs Your Business Entity Needs to Change
Choosing the right business entity at the right time may  be a good way to minimize your taxes, reduce creditor liabilities, and offer more flexibility in your succession plan. While the decision shouldn’t be taken lightly and could incur significant costs, reviewing your options should be something you do on a regular basis, similar to performing regular maintenance on your car so it continues to run smoothly. Even seemingly small changes could signify a structure modification is in order, like an LLC instead of a sole proprietorship or a corporation.

Fewer Family Businesses Are Staying in the Family

  • 29 August 2017
  • Author: Alexander Carr
  • Number of views: 902
  • 0 Comments
Fewer Family Businesses Are Staying in the Family

It was once common for an entrepreneur to pass a business down to the next generation in the family. In fact, the practice crossed industry lines, with retail stores, plumbing businesses, law firms, and even physician practices commonly being passed down to the children who had been groomed from an early age to carry on the family business.

The Dire Consequences of “Accidentally” Incorporating

  • 26 July 2017
  • Author: Alexander Carr
  • Number of views: 1459
  • 0 Comments
The Dire Consequences of “Accidentally” Incorporating

Online legal services make it seem very easy to start and incorporate a business. But, through the eyes of the IRS, the difference between a sole proprietorship and a corporation is more dramatic than just being able to add “Inc.” to your business name. A Michigan tax case involving a small family business illustrates this point. What started with an innocent mistake by a well-meaning son ended in thousands of dollars of back taxes owed by a widowed business owner. 

Steven Bankler Featured in New Book on Changing the Face of Accounting

Steven Bankler Featured in New Book on Changing the Face of Accounting
We’re thrilled to announce that Steven Bankler is featured in Ian Welham’s new book entitled Changing the Face of Accounting: Forward Thinking Conversations About Reinventing the CPA Field. Welham dedicated an entire chapter to Steven, featuring an interview that highlights the many ways in which Steven Bankler, CPA, Ltd. does things differently from typical CPA firms

How Do You Know It’s REALLY the IRS Knocking?

How Do You Know It’s REALLY the IRS Knocking?
Tax scams are a dime a dozen these days. Recently we’ve warned about phone and email scams as well as how to determine whether the letter you receive from a third-party tax collector is legitimate. Now the IRS is warning about a lesser-known but even more invasive scam. This one involves IRS impersonators visiting your home or office in person and demanding payment.

What's Really Happening with IRS Audits in 2017?

  • 26 April 2017
  • Author: Alexander Carr
  • Number of views: 1283
  • 0 Comments
What's Really Happening with IRS Audits in 2017?

You may have heard that the IRS is auditing less but, before you breathe a sigh of relief, there are a few things you should know. While the number of audits has declined across the board since 2012, it’s a decrease of a fraction of 1 percent of all tax returns filed. Additionally, the IRS was spared significant budget cuts by the Trump administration recently, which means the recent change in federal leadership will not necessarily translate into fewer audits for all. And it’s important to note that the type of taxes you file and what you claim can make a big difference when it comes to your audit risk. 

Do You Have a Succession Plan? Does Your Financial Advisor?

  • 29 March 2017
  • Author: Alexander Carr
  • Number of views: 1561
  • 0 Comments
Do You Have a Succession Plan? Does Your Financial Advisor?
The idea of succession planning may be a foreign concept to you. But, if you’re a small business owner, it shouldn’t be. In fact, planning who will lead your business and how they will lead it after your exit could be the single most important business strategy you put in place
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