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In early March, Silicon Valley Bank (SVB) and Signature Bank unexpectedly collapsed. They became the second and third largest bank failures in U.S. history, respectively. The largest collapse involved Washington Mutual in 2008, precipitating the Great Recession. (See "Two Banks Collapse in One Week"… Read more
The Biden administration on March 9 unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years, primarily by raising taxes on high-net-worth individuals and large corporations.
Various provisions of the Internal Revenue Code that are tied to specified dollar amounts provide that those dollar amounts are to be increased for inflation.
The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not alone. Here's a refresher on what's currently deductible — and what's not.
Is your company teetering on the edge of bankruptcy? In the wake of the pandemic, many small businesses are suffering financial distress from inflation, labor shortages, rising interest rates, tighter credit and continued economic uncertainty. If your company is having trouble making ends meet, it…
There's some sobering news amid other encouraging recent employment data that may take you by surprise in this tight labor market. After all, "now hiring" signs are everywhere, and some sources paint a picture of a historically strong jobs market.
If you're thinking about selling stocks, mutual funds or other investments, you need to first familiarize yourself with the cost basis rules and their implications for your tax bill. Learning the rules may help you significantly reduce the amount of capital gains that will be subject to taxation as…
In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by approximately 20 states in 2022. The IRS published additional guidance…
Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes for 2022. But there are three major ones that could affect business taxpayers as they file federal income…