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 ·
Understanding Transfer Taxes and Estate Planning
Transfer taxes, such as estate and gift taxes, are highly political due to two main reasons. First, they contribute a small portion of revenue to the U.S. budget compared to other taxes like income and Social Security…
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Taxes · 3 min read ·
Understanding Self-Employment Tax for Rental Real Estate
Tax planning for real estate activities can involve various tax considerations. One important factor is determining if a loss from real estate is limited due to insufficient basis or by the at-risk or passive activity…
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News · 5 min read ·
Study Shows Black Taxpayers Face Higher Audit Rates
Black CPAs were not surprised by a recent study revealing that the IRS is much more likely to audit Black taxpayers compared to non-Black taxpayers. These professionals have witnessed this disparity firsthand while wo…
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IRS · 2 min read ·
Understanding the Work Opportunity Tax Credit
If you are looking to hire new employees, consider taking advantage of the work opportunity tax credit. This incentive is meant to encourage you to hire individuals facing difficulties in finding employment. The credi…
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IRS · 2 min read ·
Backup Withholding: What is It?
As an entrepreneur, you are required to report certain payments to the IRS made to vendors each year on Form 1099. To do so, you must ask them to submit a form W-9 Request for Taxpayer Identification Number and Certif…
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News · 3 min read ·
The Inflation Reduction Act and Its Impact on Tax Items
The Inflation Reduction Act (IRA) was recently passed by the U.S. Congress to combat rising inflation. The act includes several provisions that affect tax items, including changes to the standard deduction, the altern…
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Taxes · 2 min read ·
IRA Charitable Donations Tax Advantages
Are you at the age where you must take required distributions from your investments? Did you know if you have a traditional IRA that you can receive tax advantages by making cash donations to an IRS-approved charity t…
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Taxes · 2 min read ·
Helpful Tax Strategies for the New Year
Are you interested in learning about year-end tax strategies so that you can minimize your tax burden? Although we are early in the year, it’s never too soon to think about options you have to reduce your tax due. But…
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News · 3 min read ·
2022 FUTA Credit Reduction
Are you an employer that noticed a higher federal unemployment tax payment (known as FUTA) in January 2023 for your 2022 payroll taxes? Do you wonder why you had to make this payment (especially if you had paid your F…
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IRS · 2 min read ·
IRS Warns that Tax Refunds May Be Smaller
The IRS recently announced that taxpayers may notice a smaller tax refund beginning in 2023 compared to the last two years. This is primarily due to the lack of government financial support in 2022. In the previous ye…
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Business · 2 min read ·
How to Leverage Tax Breaks to Improve Employee Well-being
Are you interested in finding ways to offer more benefits to your employees? If this is you, consider leveraging the Tax Code to enhance your staffs’ well-being. As many companies have transitioned to a hybrid work-fr…
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Sales tax · 2 min read ·
Treasury Expediting New Electric Car and Energy Tax Credit
The Treasury is currently seeking input from the public about how to create regulations that will oversee the new energy tax benefits. These benefits will include a $7,500 consumer tax credit for purchasing an approve…
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