Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

Group of creative interracial business people in formal outfits standing near panoramic window and analyzing paper data together

January 23, 2024

Business Structure Types: How to Choose the Best Legal Structure for Your Business

When starting a business, one critical decision every entrepreneur must make is choosing the most suitable entity structure. The entity structure you choose will not only lay the foundation for legal and operational aspects, but it will also play...

December 27, 2023

Planning for Net Investment Income Taxes

The 3.8% net investment income tax (NIIT) is an additional tax that applies to some higher-income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of...

December 21, 2023

Offset Nursing Home Costs With Possible Tax Breaks

If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know that several tax breaks may be available to help offset some of the costs. Medical expense deductions...

December 19, 2023

FinCEN Extends Reporting Deadline for New Companies

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) finalized a rule last month to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports. The rule will require most U.S. corporations,...

November 29, 2023

Is It a Repair or an Improvement?

If your business completes minor repairs by December 31, you can deduct those costs on your 2023 tax return. But different tax rules apply to improvements. As opposed to repairs, improvements are capital expenditures that must be written off...

November 21, 2023

Can You Deduct 2024 Bonuses This Year?

You may be familiar with the rule that permits a business to deduct employee bonuses this year if it pays them within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that benefits...

November 16, 2023

Understanding Forms 3520 and 3520-A: Reporting Foreign Financial Interests

Content Provided by Damian Stanislaw Ponicki, Senior International Tax Associate The globalized nature of modern finance has led to the U.S. government’s increased push for transparency and oversight when it comes to foreign financial interests held by U.S. taxpayers....

November 14, 2023

Planning an Exit Strategy for Your Business

Every business owner should have an exit strategy that helps recoup the maximum amount for their investment. Understanding the tax implications of a business sale will help you plan for—and, in some cases, reduce—the tax impact. One option is...

November 7, 2023

Weighing Your Charitable Giving Options

Private foundations can be highly effective, but they’re expensive to set up and operate. DAFs are popular alternatives, but they also have potential drawbacks.

November 2, 2023

EFTPS Access Now Requires Multifactor Authentication

Beginning October 19, 2023, US taxpayers must use multifactor authentication (MFA) in order to access the Electronic Federal Tax Payment System (EFTPS), which primarily facilitates the payment of federal taxes, including income, employment, and excise taxes, by both individuals...

October 31, 2023

Make the Most of the General Business Credit

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of...

October 5, 2023

Unlocking the Potential of Foreign Derived Intangible Income

Content Provided by Damian Stanislaw Ponicki, Senior International Tax Associate In an increasingly globalized world, international business transactions have become the norm rather than the exception. For businesses in the United States engaged in cross-border commerce, understanding the nuances...

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Matter & Substance

Thoughts from our industry to help Businesses and Individuals

Thoughts from our industry
to help Businesses and Individuals