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Small Business to Major Corporation: Save Money with These Tax Opportunities

By Bernard Abercrombie, CPA, CFP, Founder and Managing Partner of Abercrombie & Associates Over the years, I’ve encountered key tax strategies that will benefit any business, whether you’re a $10 million or $100 million company. However, not all companies are aware of these strategies. Smaller companies may not have the oversight of larger companies to…

At the End of Your Rope With Your Business Partner? Protect Yourself With These Tips

By Lynne Abercrombie, CPA, CGMA, and Audit Partner of Abercrombie & Associates   Starting a new business partnership can be a thrilling thing in the beginning: the sky’s the limit as you start implementing strategies for success together.  Everyone gets along, the excitement is high as you build your business, and all partners and equity holders…

Top Factors That Impact Your Taxes

The actions you take during the year for your business or personal income can affect what you may owe in taxes. So, it’s important to make the right tax moves throughout the year. There are several factors that can impact your taxes. Here are some of the top ones to consider: New or Changing Laws…

Identity Theft

Identity theft is a growing threat for American consumers and the businesses and financial institutions tasked with safeguarding customer data and information. In the wake of the Experian data breach, which exposed millions of Americans’ personal information and credit profiles to hackers, the need to understand and safeguard against identity theft in the digital age…

What You Should Know About Malware and Ransomware

Malware means “malicious software.” These are digital viruses that can do a number of detrimental things to your files. Through scamming schemes and fake websites or even fake news, malware developers send out messages that entice you to click a link. After doing so, if you have fallen for the lure, they are able to…

Cryptocurrencies

Even if you are only vaguely familiar with cryptocurrencies and how they work, you’ve probably heard of Bitcoin, which soared as much as 1,000 percent in value by the end of 2017. Just like income and profits from traditional investments, investors will have to file a tax return and pay taxes on qualified Bitcoin earnings….

General Cybersecurity & Identity Theft

Cybersecurity has become one of the most important ways for individuals and companies to protect private information. Generally speaking, cybersecurity refers to any policy or product that prevents unauthorized people from accessing electronic data. The types of security measures you take, however, can make a significant difference in the effectiveness of your cybersecurity policies. Poor…

The Rules of Business for Escheat Laws, Vendor Payments and New Hires

As a small business owner, you face tons of financial situations, all with different accounting and documentation requirements. When the first unusual situation crops up, the last thing you want is to be caught unaware. Here’s a quick guide on how to handle some of the more common of the uncommon issues that can affect…

Healthcare System and Medical Practice Changes

Affordable Care Act (ACA) The Affordable Care Act (ACA) signed on March 23rd, 2010 established a new direction for the US healthcare system that includes an emphasis on preventive services and primary care.  Almost everyone was impacted by the new bill.  The taxpayer, business, and health providers were forced to understand the new reporting requirements, noncompliance penalties,…

In The Wake of the Hurricane

In the wake of Hurricane/Tropical Storm Harvey, please note that the IRS has offered some timing and payment relief as identified below.  There are also provisions in place to assist in obtaining copies of prior IRS tax documents such as tax returns in the event of loss of records. For those who may end up…

Controlled Foreign Corporations

As U.S. corporations and U.S. citizens have expanded their business overseas in the last decade, the United States Tax Code has addressed and modified the increase in complex international corporate structures and transactions. While once income was deferred from U.S. taxation until repatriated to the United States, the codes changed to increase the likelihood that…

How Does the IC-DISC Work and Who Benefits From It?

An Interest-Charge Domestic International Sales Corporation (IC-DISC) provides exporters in the United States with the ability to convert ordinary income into capital gains income which results in huge tax savings.   The IC Disc itself is not subject to taxes, but the shareholders are currently taxed on a portion of the earnings that are deemed distributions.  …

What You Need to Know About the Research and Development Tax Credit

Innovation helps you grow your business, but research and development also require an investment. You count on your R&D budget to pay off through a better product or service, but did you know it can also ease your tax bill? On top of increasing your profits, research and development may qualify you for the IRS’s…

Domestic Activities Production Deduction

Created in 2004 as part of the American Jobs Creation Act, the domestic production activities deduction provides a tax incentive for businesses to produce most of their goods in the United States, rather than sending that work overseas. To find out whether you could be eligible for this deduction and learn how it works, take…

Advantages & Disadvantages of Business Entity Types

You have many options for business entity types. Choosing the right one for your company requires understanding the advantages and disadvantages of each one. Types of Business Entities Single Member LLC A single member limited liability corporation, or LLC, has a single owner. The income goes through the LLC and to the owner, who is…

Selling Your Company: What You Need to Know

Building a successful company requires extraordinary dedication, not to mention a significant investment of time and money. When you are ready to sell, it is important that you realize a return on your investment. Careful planning long before the sale is key to ensuring the transaction closes in your favor. These three steps will get…