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If you’ve ever filed a business interruption claim, you know that it can be time-consuming and tedious. Here’s an easy way to simplify the claims filing process: Hire a business valuator to do the dirty work.

Owners’ compensation is often one of the largest expenses on a private business’s income statement. So, the IRS monitors it closely. It’s also one of the most contentious adjustments that’s needed to accurately value a business.

Do financial statements tell you how much a business is worth? Not directly. But they can be a useful launching pad for the cost approach.

1. Receiving Money from "Crowdfunding" May Come with a Tax Bill 2. Court Upholds the IRS Rejection of an Offer in Compromise 3. Beware of Various Tax-Related Scams 4. How the IRS Whistleblower Program Works 5. Is Your Hobby Actually a Business?

The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment

When times are tough, a loan from your employee retirement account can provide much-needed relief. But it's important to understand how these loans work — including the potential pros and cons — before you borrow from your retirement nest egg. 401(k) loans can have short- and long-term adverse financial consequences, especially if you're unable to repay them on time.

Congress has passed the Inflation Reduction Act (IRA), an extensive piece of legislation that President Biden has signed into law. The IRA contains tax breaks, tax increases for some large, profitable corporations and provisions related to the federal deficit, climate change, drug prices for those enrolled in Medicare — and much more. Here are some of the highlights.

Use this checklist to manage the negative effects of inflation while identifying positive, long-term opportunities for your business.

More EVs Eligible for a Tax Break but Automakers Would Like to Expand It The IRS has added more electric vehicles (EVs) to its list of those eligible for a federal tax credit. The tax code provides a credit (of […]

Residential property values are currently high in many parts of the country. Should you cash out on a vacation home that's increased significantly in value? Before calling your realtor, consult with your tax advisor to understand how much tax you'll owe on the transaction. Here's an overview of the tax treatment of gains from vacation home sales. The outcome can vary depending on your situation.

In response to record-setting gas prices, the IRS has agreed to increase the standard mileage rate for qualified business drivers for the second half of 2022. It's accompanied by a hike in the standard mileage rate for medical expenses for all taxpayers and moving expenses for active-duty military personnel. Here are the rates that will be in effect from July 1, 2022, to December 31, 2022.

The year is almost half over. Is your business on track to meet its goals for 2022? Interim financial reporting can help gauge your progress.