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As the deadline for filing Business Ownership Information (BOI) reports approaches, businesses must ensure compliance with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Understanding the specific requirements and recent updates is critical to avoid severe penalties. Filing Deadlines Businesses that existed on January 1, 2024, are required to file their BOI […]

The recent tax reforms have introduced new considerations for high earners in choosing their business structure, particularly regarding the benefits of operating as an S corporation. The key incentive is the Section 199A deduction, which allows qualifying business owners to deduct 20% of their qualified business income (QBI). This article delves into the implications of […]

State pass-through entity taxes (PTET) have become a prevalent strategy for businesses across the U.S., allowing them to bypass the $10,000 annual limit on state and local tax (SALT) deductions imposed by federal tax law. The primary advantage of PTETs is that they enable owners of pass-through businesses—such as multi-member LLCs, partnerships, and S corporations—to […]

In the United States, the tax system operates on a “pay-as-you-go” basis, requiring taxpayers—individuals and corporations—to make tax payments throughout the year based on income earned. This system ensures that tax liabilities are paid incrementally rather than in a lump sum at year-end. Payments can be made through withholding from wages or estimated tax payments, […]

When deciding whether to buy or lease a business vehicle, evaluating which option costs less involves more than just comparing initial and ongoing expenses. The decision should account for available cash, tax benefits, and the time value of money. The Key Differences Between Leasing and Buying Buying: When you purchase a vehicle, you own it […]