Recent News

Important Update to QBO Payroll – Action Needed by June 30, 2026

We want to make you aware of an important change coming to QuickBooks Online (QBO) Payroll service, effective July 1, 2026. If you utilize QBO Payroll, please read carefully, as these changes will affect how your payroll taxes are paid and filed. What’s Changing? Automatic Payroll Tax Payments & Filings: Beginning July 1, 2026, QBO Payroll will require all payroll tax payments and filings to be automatic. Manual submission of payroll tax payments and filings will no longer be available, and the ability to turn off automated taxes will be removed from your payroll settings. Please reference the Payroll Section...

Why you might want to build a wall between your business and its real estate

Does your business own its real estate in a separate holding company, such as a limited liability company (LLC) or limited partnership? This practice can provide several advantages, including shielding property from your company’s creditors. It can also ease estate planning if, for example, you want to transfer business interests to your children while retaining ownership of the real estate. In addition, there are good tax reasons to separate the two. Let’s take a look. Asset protection and estate planning advantages Owning real estate in a separate legal entity can wall off an operating business from its real estate’s potential...

Selling your business? You might benefit from presale financial due diligence

If you’re contemplating a sale of your business, you probably know that any serious buyer will scrutinize your financial statements, operations, assets and legal agreements. Conducting your own due diligence now can smooth the buyer review process and ease deal negotiations. Working with financial and legal advisors, you’ll have the opportunity to fix any problems before your business goes on the market. Anticipate Buyer Scrutiny The primary goal of presale due diligence is to evaluate the quality and sustainability of earnings, identify risks, and normalize financial results before giving prospective buyers access to the company’s books. Financial advisors look for...

To maximize — or not to maximize — depreciation deductions on your 2025 tax return

The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the future. One such decision is whether to claim accelerated depreciation breaks. Depreciation Basics For assets with a useful life of more than one year, the cost generally must be depreciated over a period of years (unless accelerated depreciation breaks are available). In other words, taxpayers can deduct only a portion of the asset’s cost...

Advisory boards provide family businesses with independent perspectives

Does your family business keep its strategic decisions within the family? It’s common for family businesses to assign relatives to positions of authority and require other employees to defer to them. But “common” doesn’t necessarily mean “good.” Not only is outside input recommended, but it can help reduce the risk of certain problems (such as unaccountability and fraud) and promote long-term financial health. Here’s how your family business might benefit from an advisory board made up primarily of nonfamily members. A Consulting Body An advisory board serves only in a consulting capacity. So it doesn’t carry the fiduciary responsibilities or...

Consider these issues before providing (or reimbursing) mobile phones

For many employees, mobile phones are no longer a perk — they’re an essential business tool. However, issuing company phones or reimbursing employees for use of their personal devices can create hidden security risks, unexpected tax consequences and productivity concerns for business owners. Here are some key issues to consider before rolling out or revising your company’s mobile phone policy. Security risks In general, the biggest security risk associated with mobile phones is that they may lack robust protections against phishing, malware and other cyberthreats. Hackers could use an employee’s phone to access your business’s IT network, leading to theft...