Blog
Is Your Inventory Missing — or Stolen? Ask an Expert
For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re...
Be Aware of the Tax Consequences of Selling Business Property
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable...
Valuing Donations of Private Business Stock
Some business owners may be considering donating corporate stock to charities in 2024. Donations of public stocks are generally easy to value because their prices are listed on public stock exchanges. But valuations of private business interests are typically more...
Should you convert your business from a C to an S corporation?
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business...
Shoring up protections against expense reimbursement fraud
One of the types of occupational fraud schemes that became more costly for employers since the beginning of the COVID-19 pandemic in 2020 is expense reimbursement fraud. According to the Association of Certified Fraud Examiners’ (ACFE’s) latest report, this type of...
What’s the difference between a calculation of value and a conclusion of value?
Most business valuation assignments call for a conclusion of value. However, there may be times when a calculation of value can be a quicker, more cost-effective solution. Value conclusions When providing conclusions of value, valuators consider all approaches and...
What taxpayers should do if they receive mail from the IRS
Issue Number: Tax Tip 2024-45 IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic if something comes in the mail from the IRS – they’re...
Got Fraud Losses? How Experts Put a Number on Them
If your company suffers significant losses due to a fraud incident, you may decide to pursue the perpetrator in court, possibly to obtain compensatory damages. Assuming you win your case, you should know that estimating fraud damages is challenging. It generally...
2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re...
Navigating Tax Filing: How to Avoid the Pitfalls and Stay in the Clear
Ever wondered about the consequences of neglecting your tax filings? Contrary to Hollywood portrayals, it's not necessarily a direct route to a prison cell, but the repercussions can be significant, depending on your tax situation. The IRS places immense importance...
