Oil & Gas Articles
Year-End Strategies for Accrual-Basis Businesses
Posted by Douglas Muth on November 03, 2025
Accrual-basis businesses can reduce their 2025 tax liability by recognizing expenses incurred this year, even if payment occurs in 2026 including wages, taxes, and utilities. Reviewing prepaid expenses, writing off uncollectible receivables, and properly timing income and deductions are key strategies for year-end tax planning.
Ensure Compliance When Hiring an Independent Contractor
Posted by Kyle Januszkiewicz on May 19, 2025
Correctly classifying workers as either employees or independent contractors is crucial to avoid costly consequences such as audits, back taxes, penalties, and lawsuits. Guidance is provided on understanding worker classification, the implications of misclassification, and the cautious use of Form SS-8 to request IRS determinations.
Tax Implications of Business Succession
Posted by Cheryl A. Jankowski on March 17, 2025
The strategies for transferring business ownership include family transfers, trusts, employee buyouts, ESOPs, and sales to outside buyers. Each option is analyzed for its tax consequences, such as gift tax, estate tax, capital gains tax, and corporate deductions, providing a comprehensive guide to succession planning.