The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Taxes · 3 min read ·
Why Tax Day Doesn't Need to Be Stressful
Since we are past the original filing due date of March 15 for certain entities and April 15 for individuals and C Corporations, you have either filed your return or requested an extension. With the filing deadline fo…
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News · 3 min read ·
Maximize Your Tax Savings: Take Full Advantage of the QBI (Qualified Business Income) Deduction Before It's Gone
The QBI deduction allows eligible business owners to potentially deduct up to 20% of their qualified business income (QBI). This applies to income from sole proprietorships, single-member LLCs treated as sole propriet…
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Taxes · 3 min read ·
4 Tax Saving Tips for Small Businesses
The Tax Cuts and Jobs Act (TCJA), guidelines and tax expectations have become a little confusing lately. To assist small businesses save some money and avoid accidental penalties in the wake of our current loophole-fi…
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Taxes · 2 min read ·
Navigating 2024: Anticipating Tax Audit Trends and Technological Shifts
A recent report from Avalara suggests that businesses should anticipate an increase in sales tax audits in 2024 due to various changes happening at state and federal levels. These changes include advancements in techn…
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Taxes · 2 min read ·
Strategies to Accelerate Accounts Receivable Collections
In this podcast episode, Gene Marks delves into the challenges small businesses face in collecting accounts receivables and provides practical strategies to expedite the process. With the average timeframe for receiva…
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News · 3 min read ·
Taking Charge: Why Filing Your Past Due Tax Returns Matters
As you encounter the world of tax filing, it's crucial to understand the importance of submitting all your returns, even if you can't pay your taxes in full right away. Whether you're filing on time or catching up on…
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Taxes · 3 min read ·
Maximizing Tax Savings: The Power of Cost Segregation Studies for Businesses
Introduction: Is your business taking advantage of every opportunity to optimize its tax position? If your building's construction costs are being depreciated over 30 years, it might be time to explore the benefits of…
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Taxes · 2 min read ·
The Quandary of Audit Opinions: Do They Truly Matter?
In a recent legal case involving AmTrust Financial Services, the Second U.S. Circuit Court of Appeals made a controversial ruling, stating that the audit opinion provided by BDO USA auditors was "so general" that inve…
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Taxes · 2 min read ·
Understanding the Taxability of NFTs
Tax authorities worldwide are deciding how to tax non-fungible tokens. Now is the time to get clarity on this quickly evolving phenomenon. You might be wondering what non-fungible tokens (NFTs) are all about. An NFT i…
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IRS · 3 min read ·
Why You Might Want to File an Extension - It's Not Desperation
As tax season approaches, many taxpayers feel the pressure to file their taxes on time. However, filing for a tax extension could be a smart financial move rather than a sign of desperation. That's right—contrary to p…
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Taxes · 1 min read ·
Can You Claim the Home Energy Tax Credit?
As a homeowner, you may be eligible for an energy-efficient home improvement credit if you've performed a home energy audit. The Internal Revenue Service (IRS) offers this credit as an incentive for making certain ene…
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News · 4 min read ·
Organization for Audits and Tax Preparation
The run-up to tax season can be one of the most stressful times of the year for a small- or medium-sized business. Receipts can be haphazardly thrown together (with only a reasonably high level of confidence as to rel…
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