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 · 4 min read ·
How Your State of Residency Affects Estate Taxes
Estate planning is never an exciting topic, but it is crucial to set up your loved ones for success. If you would like to create the best estate plan for your future, it is essential that you first have an understandi…
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Taxes · 3 min read ·
Increase in Tax Collection and Audits
The IRS and state governments are currently moving their attention toward tax collections and examinations. This means that there will be increasing compliance and enforcement effort made by tax authorities. Previousl…
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Bookkeeping · 2 min read ·
The Biggest 401(k) Mistake Workers Should Avoid
For those workers that tend to jump from job to job, it is possible they are at risk of making one of the biggest financial mistakes due to constantly switching employment. For example, their former employers could po…
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Sales tax · 3 min read ·
Increase in Sales Tax Audits
Although COVID-19 took a toll on our economy, multiple states fared well with tax revenue during this time. Due to consumer spending remaining resilient during the pandemic, states were able to see their tax revenue r…
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Taxes · 2 min read ·
IRS Raises Mileage Rate for Remainder of 2022
In order to help combat the high fuel prices, the Internal Revenue Service announced that they will be increasing the optional mileage rate for the final 6 months of 2022. Effective July 1 through December 31, 2022, t…
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Payroll · 2 min read ·
Penalty Relief Related to Claims for ERTC
Taxpayers and tax professionals have requested that the IRS provide relief from penalties that arise from additional income tax that is owed for businesses. The reason for these requests is that the deduction for qual…
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Taxes · 3 min read ·
Deferring Estate Taxes
As a small business owner, you have most likely spent years building up your company’s value. Now that your enterprise is successful, the thought of retirement at some point in the future may have entered your mind Du…
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Taxes · 3 min read ·
Beware of Scammers During and After Tax Season
https://youtu.be/a0HiqfFEdvA The Internal Revenue Service wants to remind taxpayers that it is important that you are always protecting your personal and financial information. Unfortunately, there are IRS impersonati…
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Taxes · 6 min read ·
Top 10 Tax-Friendly States
Are you considering a move out of state? A majority of families generally look for a new home where there is a warmer climate, closer to friends and relatives, or a place where they can find a healthier lifestyle. No…
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Taxes · 3 min read ·
Changing Your Filing Status With Form 1040-X
If you are a married couple interested in switching from separate to joint tax returns, then you can do so by completing Form 1040-X. The only requirement is that the form be completed by the appropriate filing deadli…
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Business · 1 min read ·
IRS Announces Rate Increase for Q3
Due to interest rates and inflation rapidly increasing, the Internal Revenue Service (IRS) has increased their interest rates for the third quarter. The reason for this increase is due to the rate of inflation being a…
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Business · 4 min read ·
How Does Hiring Family Affect Your Business?
https://youtu.be/iuChanImOWE There are many advantages in hiring family members for your business. From passing down your company’s legacy to various tax benefits, there are multiple reasons small businesses today cho…
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