New beneficial ownership information (BOI) reporting requirements that many small businesses were required to comply with by January 1, 2025, have been suspended nationwide under a new court ruling. However, businesses can still voluntarily submit BOI reports, according to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). How we got here Under the Corporate Transparency […]
Annually, the IRS makes inflation-based cost-of-living adjustments (COLAs) to dollar limits applicable to many employer-sponsored fringe benefits for the upcoming year. Sure enough, in November, the tax agency published its COLAs in IRS Notice 2024-80. Here are some key figures to be aware of heading into 2025: Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs). The […]
Many U.S. small business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. With this deadline fast approaching, here’s a brief reminder of who must report and how to do so. What is BOI reporting? Instituted by the Corporate Transparency Act (CTA), the BOI reporting requirements […]
LOS ANGELES, December 3, 2024 – Miller Kaplan, a top-100 certified public accounting firm, is pleased to welcome a new audit partner and accomplished financial specialist Lucas LaChance, CPA, CIA. LaChance joins the partnership from the Dallas-Fort Worth metroplex, bringing two decades of leadership experience in assurance, consulting, risk management and mitigation, and taxation services. […]
Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A larger […]
If you’re charitably inclined and itemize deductions, you may be entitled to deduct charitable donations. The key word is “may” because there are requirements you must meet. One such requirement is the need to substantiate charitable gifts with proper documentation that will satisfy the IRS. Indeed, a charitable gift may be legitimate, but if the taxpayer fails to […]
As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. Indeed, many of the Tax Cuts and Jobs Act provisions are set to expire at the end of 2025, absent congressional action. […]
The pretax (accounting) profit that’s reported on your company’s income statement is an important metric. Lenders, investors and other stakeholders rely on pretax profits to evaluate a company’s financial performance. However, business owners also need to keep their eyes on taxable income to optimize tax outcomes and manage cash flow effectively. Here’s an overview of how these profitability metrics differ. Crunching the […]
The IRS has issued its 2025 inflation-adjusted contribution amounts for retirement plans in Notice 2024-80. Many retirement-plan-related limits will increase for 2025 — but less than in prior years. Thus, depending on the type of plan you have, you may have limited opportunities to increase your retirement savings. Type of limitation 2024 limit 2025 limit Elective […]
We are proud to share that Michael H. Kane and Michael Kaplan have been named among Billboard’s 2024 Top Business Managers.
One of the golden rules of estate planning is to revisit your plan after a significant life event. Such an event may be getting married, having a child, going through a divorce or getting remarried. If you’re taking a second trip down the aisle, you may have different expectations than when you married the first […]
It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), some contingent losses may be reported on the balance sheet and income statement, while others are only disclosed in the footnotes. Here’s an overview of the rules for properly identifying, measuring and reporting […]