For various reasons, business owners sometimes decide to put their companies on the market. To successfully negotiate the sale of a business, it’s critical to understand the tax implications. Armed with this knowledge, you can assess the impact of various transaction structures and sales price allocations on your net proceeds from the sale and potentially [...]
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get blown away by a windfall and end up in worse financial shape. RISKY CONDITIONS Perhaps the most obvious example is you may be tempted to immediately buy an expensive new car or home. [...]
It may be one of your least favorite accounting tasks. But account reconciliation is easier if you get ready for it. There’s no question that account reconciliation is a dreaded chore. So much so that many small businesspeople simply don’t do it. QuickBooks’ reconciliation tools and its ability to import transactions from your banks make [...]
Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. Here are five points to keep in mind: You must itemize to claim the deduction and have quite a few expenses. For 2021, the medical expense deduction can [...]
The IRS recently announced it intends to hire thousands of new employees as part of a tax-enforcement push. This could mean an uptick in audits sometime soon, likely focused on wealthier individuals and business owners. (Some tax returns are chosen randomly as well.) The best way to survive an IRS audit is to prepare for [...]
October 15 Personal federal income tax returns for 2020 that received an automatic extension must be filed today and any tax interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114 “Report of Foreign Bank and Financial Account” (FBAR) must be filed by today, if not filed already, for offshore [...]