Owners of small manufacturing businesses structured as S corporations must ensure they receive reasonable compensation for their work to comply with IRS rules. While distributions can offer tax advantages, they must follow fair salary payments based on the owner’s role, responsibilities, and industry standards.
Read MoreAs we reach the midpoint of 2025, small and mid-size governments in New York State are navigating significant changes to their accounting and financial reporting practices, driven by recent Governmental Accounting Standards Board (GASB) pronouncements.
Read MoreMaryland's fiscal 2026 budget introduces a 3% sales tax on data and IT services, along with new tax brackets and increased rates for high-income earners. The budget also raises taxes on cannabis, sports betting, and vehicle excise, while proposals to reduce corporate tax rates and repeal inheritance tax were not included.
Read MoreBusiness travel during the summer can offer valuable tax deduction opportunities if the trip is primarily for business purposes and involves an overnight stay. Deductible expenses may include transportation, lodging, meals (at 50%), and other business-related costs, while personal and entertainment expenses remain non-deductible.
Read MoreAsset protection is an important aspect of your overall financial picture, especially in today’s litigious society. Without proper planning, you risk losing significant portions of wealth to lawsuits or creditor claims, which could undermine years of financial progress and affect your heirs' futures.
Read MoreNonprofit organizations can navigate the sudden departure of an Executive Director by following essential steps to ensure a smooth transition and maintain their mission's success.
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