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 · 2 min read ·
Tax Complexity: Challenges of the 'Convenience of the Employer' Rule for Tri-State Workers
The "convenience of the employer" rule for taxing income in a specific state is causing trouble for people who live in one state but work in another. Most states tax income based on where the work is done. For example…
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Taxes · 2 min read ·
BOI Filing Requirements
Are you an officer of a corporation? Are you aware you may be required to file a new form called Beneficial Ownership Information? Failing to do so could result in costly penalties. As of January 1, 2024, the Financia…
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IRS · 2 min read ·
IRS Alerts Businesses and Tax Professionals on Compliance Risks with Employee Stock Ownership Plans (ESOPs)
The IRS is paying extra attention to Employee Stock Ownership Plans (ESOPs) as part of its efforts to make sure high-income taxpayers pay their fair share of tax. ESOPs are retirement plans where employees own stock i…
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Business · 1 min read ·
Navigating Multiple 401(k) Accounts: Considerations for Informed Decision-Making
Workers change jobs approximately every four years, according to the most recent U.S. Bureau of Labor Statistics data. Individuals often find themselves with multiple Sec. 401(k) accounts. Some of these accounts may b…
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Sales tax · 2 min read ·
Inflation-Adjusted Tax Code Amounts Expected to Rise in 2024
Inflation-adjusted amounts within the Tax Code are projected to experience a 5.4% increase in 2024, according to a recent report by Bloomberg Tax. This represents a slight reduction compared to the 7.1% surge witnesse…
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News · 2 min read ·
The Pitfalls of Tax Protesting: When a Hobby Consumes More Than Just Time
Having a hobby is generally a good thing, but some hobbies can become overwhelming and harmful. Protesting your taxes is an example of such a consuming hobby. In a recent case, Lawrence James Saccato had not filed tax…
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Community · 2 min read ·
Navigating Funeral Expenses: Tax Deductions and Financial Planning Amid Loss
The loss of a loved one is a challenging experience, imposing physical, emotional, mental, and financial burdens. Unexpectedly high funeral expenses often prompt many to investigate the possibility of tax deductions t…
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IRS · 2 min read ·
Protecting Yourself from Tax Scams: What You Need to Know
Tax scams are not only on the rise but have become a thriving business for fraudsters, with millions, if not billions of dollars at stake. In this article, we aim to enlighten you about the current tax scams and offer…
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Business · 3 min read ·
Crowdfunding Your Business and Its Tax Implications Simplified
Crowdfunding has transformed fundraising for businesses and entrepreneurs by enabling them to gather startup capital and project funds from the public. This new financial approach has provided flexibility and accessib…
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Business · 2 min read ·
Understanding U.S. Small Business Administration (SBA) Loans
Small business owners often turn to U.S. Small Business Administration (SBA) loans to secure funds, with loan amounts spanning from $500 to $5.5 million. The appeal lies in the range of loan options and the relatively…
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IRS · 2 min read ·
Understanding Unclaimed Property Notices: A Guide for Companies
As a business owner, you may receive important letters regarding compliance requirements for your company. Among these, unclaimed property notices are significant and should be handled carefully to avoid legal issues.…
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Taxes · 2 min read ·
Understanding Foreign Earned Income Exclusion and Deductions for U.S. Citizens Abroad
Are you a U.S. taxpayer living abroad? If you reside and work in a foreign country, you may be able to exclude some of your income from your U.S. federal income tax return. To qualify, you must meet certain criteria:…
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