CPA Chat

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a […]

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with […]

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year […]

Step-ups are powerful, and I believe they should be more widely understood. To that end, the following paragraphs attempt to explain this topic for those of us who are not […]

A carried interest is ownership in future partnership profits, usually granted in return for services. The terms profits interest and promote are commonly used interchangeably to refer to the same […]

Recent changes to the depreciation rules provide potential tax benefits to real estate professionals. Recently enacted legislation fixed the mistake made by Congress, known as the ‘retail glitch’. This change, […]

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. […]

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a […]

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you […]