Here’s what to know if you’re going through a separation or divorce. If you’ve recently separated or finalized a divorce, you’ve got a few tax-related updates to consider before the end of the year. ...
Last edition, we covered the impact on businesses of the new tax legislation. This month, it’s all about the provisions that impact individual taxpayers. Here are some key provisions to know about....
The One Big Beautiful Bill was passed into law on July 4. As with most tax legislation, this bill has an impact on both businesses and individuals. Here are some of the key provisions that will affect businesses. In our next newsletter, we’ll cover the...
The IRS shared some helpful reminders recently, and we’ve summarized them here so you can act now to make next tax season smoother....
Disaster Prep: IRS Reminds Taxpayers to Safeguard Financial Records The IRS is reminding individuals and businesses that disaster preparation should be part of your annual routine. With tax season behind us and storm season already in motion, June is a smart time to take stock of...
When it comes to filing business taxes, staying organized and attentive to detail is key to avoiding common blunders. Surprisingly frequent errors — such as incorrect Social Security numbers, miscalculations, or wrong bank details — can result in delays or even misdirected refunds. Making sure...
As you plan for potential tax policy changes under the new presidential administration, take the opportunity to identify and mitigate tax risk issues. According to the 2024 BDO Tax Strategist Survey, only 40% of respondents had implemented a tax risk mitigation and response strategy, which...
Pass-through entities, including partnerships, S corporations, and LLCs, can benefit from many tax advantages due to their structure, but they also encounter distinct challenges. BDO’s 2024 Tax Strategist Survey, which polled senior tax executives about their most pressing concerns and plans for the year ahead,...
All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf....
When you acquire assets for your business—whether it's office equipment, machinery, or even vehicles—you're essentially investing in property that will help generate income over time. These assets, however, don’t retain their full value indefinitely. Depreciation is a way to account for the gradual decline in...
