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Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation  Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired…

During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA)…

With the postponements of effective dates of certain authoritative guidance by Governmental Accounting Standards Board (GASB) Statement No. 95, the effective dates of GASB Statement No. 87, Leases, and the related Implementation Guide No. 2019-3, Leases was postponed 18 months. The revised effective date of GASB Statement No. 87, Leases, is now scheduled for reporting periods…

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation…