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With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and loved ones. By using your annual exclusion, those gifts — within generous limits — can reduce the size of your taxable estate. For 2022, the annual gift exclusion is $16,000.
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The pandemic has changed workplace culture, probably forever. As events unfolded over the last few years, many employers shuttered their doors completely or scaled back to using only essential workers at their regular workplace. Remote workers became a commonplace occurrence rather than an unusual…
Is it possible to have too much of a good thing? The IRS thinks so, at least in the context of compensation paid to business owners. If an owner's compensation is deemed excessive, the IRS may dispute deductions for wages that are unreasonable under the circumstances.
Comprehensive financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP) include three reports: the balance sheet, income statement and statement of cash flows. Together these reports can be powerful diagnostic tools to help evaluate the financial well-being of a…
Equity-based compensation often is associated with startup companies. But businesses in a cash crunch also might consider such awards in lieu of year-end cash bonuses. In addition to recognizing high performance, stock options and other types of equity-based compensation can boost retention. Before…
In today's uncertain marketplace, businesses are being forced to re-evaluate their working capital needs. Some managers have learned the hard way during the pandemic that operating "lean" has its limits.
There's good news for owners and designers of commercial buildings that are energy efficient. In 2021, the energy-efficient commercial buildings deduction (also known as Section 179D) was made permanent, thanks to the Consolidated Appropriations Act. Now, the recently passed Inflation Reduction Act…
The IRS recently announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they have in recent years. Here are some of the tax amounts for 2023, as…