Applying for a commercial loan with confidence

Rare are the businesses that can initiate or expand without an injection of external capital. In certain instances, this capital manifests as a commercial loan from a bank or another lending entity. If you and your company’s leadership anticipate the need for a loan, it is crucial to approach the process with assurance. This begins […]

New option for unused funds in a 529 college savings plan

Given the steep expenses associated with higher education, numerous parents initiate 529 plans for their infants. While contributions to these plans don’t offer tax deductions, they do accumulate on a tax-deferred basis. Profits utilized for qualified education expenses can be withdrawn without incurring taxes. Nevertheless, using earnings for non-educational purposes may result in income tax […]

Corporate Transparency Act – What You Need to Know

The Corporate Transparency Act (CTA) was enacted on January 1, 2021 and went into effect on January 1, 2024. The law requires certain companies to disclose “beneficial ownership” information to the Financial Crimes Enforcement Network (“FinCEN”). The law aims to improve transparency of ultimate beneficial owners of entities formed or registered to do business in […]

Should you upgrade your business’s accounting software?

In today’s day and age, just about every company uses some kind of accounting software to track, manage, and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s […]

Be prepared for the 2023 gift tax return deadline

Throughout the year of 2023 did you make large gifts to your children, grandchildren or others? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax […]

Which accounting method route is best for business tax purposes?

There are two traditional accounting methods business use to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent […]