In many ways, Form W-2 is simple and straightforward: You enter information that is already available from payroll and personnel records. You then use your employer identification number and, in most cases, a state ID number to complete most of the form. The main challenge comes...
The Inflation Reduction Act of 2022, signed into law on August 16, 2022, created a new corporate alternative minimum tax (CAMT) for taxable years beginning after December 31, 2022. On September 12, 2024, after issuing multiple pieces of interim guidance, Treasury and the IRS released...
The journey from founding a company to successfully handing over the reins involves navigating a complex maze of financial, legal, and even emotional challenges. Robust succession planning can prepare the family-owned enterprise for new leadership or new owners while enhancing the financial stability of the...
Encore! We're once again honored to be named one of the 101 Best and Brightest Companies to Work For in the Nation!...
State and local tax (SALT) credits and incentives programs continue to be underutilized. Despite the substantial value they can add for businesses, BDO’s 2024 CFO Outlook Survey found that just 34% of CFOs plan to optimize costs by claiming tax credits in the next 12...
Choosing to onboard a freelancer, also known as an independent contractor, can significantly impact your business's financial landscape. Unlike employees, freelancers are responsible for their own tax obligations. This means you are not required to withhold federal taxes, state income taxes, Social Security, or Medicare...
The reasons firms merge vary, but they include such objectives as increasing size or geographic reach, acquiring or expanding a specialty practice, and succession planning....
With the rise of the gig economy, a lot of people have opted to turn their hobbies into profitable ventures. In turn, the lines are blurring between hobbies and small businesses, provoking many people to wonder what it means for their taxes. So, what is...
Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax? The possibility of being tax-exempt is permitted under section 501(a) of the Internal Revenue Code....
If you know in advance what common errors employers make with W-2s, maybe you can avoid those mistakes next year....
