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The mountain of paper and electronic records that's needed to support your tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long do you need to save these records? Three years is the general rule. But don't be hasty: Failure to keep a paper trail for the information provided on your returns could lead to problems if you're audited.

1. Businesses Targeted for Identity Theft 2. Deduct the Cost of Seeking New Business 3. Business vs. Hobby: Protect Your Tax Deductions 4. A Scam Involving Employee Retention Credits 5. A Proposed New Way to Report Tips

The federal tax rules for business-related meal and entertainment costs are confusing. In general, deductions for entertainment expenses have been permanently disallowed under current law, but there are several exceptions. In addition, the temporary deduction for 100% of business meals expired at the end of 2022. Read on to find out how much can be deducted under applicable rules.

The IRS recently issued a statement advising certain taxpayers to hold off on filing their 2022 returns. This issue has been resolved, and the IRS wants tax filing season to resume as normal. But some people are wondering whether they should file for an automatic six-month extension. There are many valid reasons to extend your deadline, but there are also some pitfalls.

In Bittner v. U.S., the U.S. Supreme Court ruled that the penalty for non-willingly failing to file an FBAR applied on a lower per-report basis, not on a per-account basis

Here’s a rundown of the business and individual tax provisions included in President Biden’s recently released budget proposal.

Fair market value is the appropriate standard of value in most business valuation assignments. But when valuing an asset for financial reporting purposes, fair value is generally used. Here’s an overview of what fair value is and how it differs […]

Do you know how much your startup is worth? A business valuation professional answers this question by combining the entrepreneur’s projections with objective, market-based data.

Have you taken the time to read the full text of IRS Revenue Ruling 59-60? It offers detailed guidance on valuing a business that may be used for tax purposes and beyond.

A buy-sell agreement can be an important tool to ensure a smooth transfer of ownership in the case of an owner’s death, disability or divorce. But it’s critical for these agreements to cover all the valuation bases.

Hypothetical investors would review historical financial statements, but they’d be more interested in a company’s future economic benefits.

Future earnings are often used to estimate the value of a private business interest. Here’s how two popular earnings-based valuation methods measure up.