When it comes to determining if a business is eligible to claim a net operating loss (NOL), it depends on the financial situation. If a business' taxable income is less than its allowable deductions in a set tax period, usually a year, then the business can utilize the NOL deduction on future tax obligations. Since […]

When it comes to accounting for capital assets, specifically depreciating capital assets, the Governmental Accounting Standards Board (GASB) provides guidance to state and local governments for accounting processes. The GASB is responsible for the generally accepted accounting principles (GAAP) for the private sector (corporate and business accounting), and it works to promote clear, consistent, transparent, […]

According to the Internal Revenue Service (IRS) and the National Federation of Independent Businesses (NFIB), almost one-third of companies see penalties due to payroll issues. Understanding a few examples, according to the NFIB, of how companies can better comply and avoid penalties is essential to smoother operations. Underpayment of Estimated Tax by Corporations Penalty As […]

Private companies both large and small are feeling the tax pinch due to changes in the law. With rampant inflation, labor shortages, lingering supply chain issues and increased borrowing costs due to rising interest rates, tax problems are the last thing struggling companies need to face. While tax rates themselves remain largely unchanged, business’ taxable […]

Summer is here, and so are all the activities. But as we know, these activities cost money. Here are a few ways you can still have fun and, while doing so, save some cash. 1. Look at Your Calendar Summer months are filled with holidays, birthdays, cookouts, weddings – the list goes on. Take a […]

Some economists and market analysts have been predicting a U.S. recession ever since last fall. They’ve been wrong before – but they’ve also been right. Rather than try to predict how the stock market will react during the next recession, investors are better off planning for a range of potential outcomes. This will help reduce […]