BKHM Blog

Adult Literacy League - Rise and Shine on Literacy Breakfast

Posted by BKHM CPAs on Wed, Oct 24, 2018 @ 11:11 AM
BKHM CPAs attended the Rise and Shine on Literacy breakfast for the Adult Literacy League in Central Florida 
 
1 in 5 adults in Central Florida read at or below a 5th grade level.
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Choosing Between a Calendar Year and a Fiscal Year

Posted by BKHM CPAs on Wed, Sep 26, 2018 @ 10:29 AM

Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for businesses whose primary operating season doesn’t fall neatly within a single calendar year, choosing a fiscal year end can make more sense.

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ESOPs Offer a Tax-efficient Exit Strategy for Business Owners

Posted by BKHM CPAs on Wed, Sep 19, 2018 @ 03:11 PM

Do you own a closely held company? Are you approaching retirement age? If so, you may be struggling to balance conflicting goals for your business. An employee stock ownership plan (ESOP) may help.

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Handle Buy-Sell Agreements With Care

Posted by BKHM CPAs on Thu, Sep 13, 2018 @ 09:16 AM

If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners’ interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and don’t trigger unwanted tax consequences or conflicts with other owners or family members.

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Independent Contractor vs. Employee: Worker Classification Matters

Posted by BKHM CPAs on Thu, Aug 30, 2018 @ 10:18 AM

Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t be further from the truth. Improper classification of workers comes at a high cost, and both federal and state authorities have been cracking down on the practice in recent years.

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Cost Segregation Studies

Posted by BKHM CPAs on Tue, Aug 21, 2018 @ 09:50 AM

Businesses that acquire, construct or substantially improve a building may want to consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. The result may allow businesses to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. This article details how a cost segregation study works and how the TCJA has enhanced the potential benefits.

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Tax Planning Guide

Posted by BKHM CPAs on Wed, Aug 15, 2018 @ 02:04 PM

The Tax Cuts and Jobs Act (TCJA) makes small reductions to income tax rates for most individual tax brackets and substantially reduces the income tax rate for corporations.  It also provides a large new tax deduction for owners of pass-through entities and significantly increases exemptions for the individual alternative minimum tax (AMT) and the estate tax.

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Your Small Business Can Benefit From Adding a Savings Account

Posted by BKHM CPAs on Mon, Aug 13, 2018 @ 12:38 PM

Do you have a savings account for your business? If you answered yes, great! If you answered no, then you may consider opening one and here are a few reasons why you should.

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Understanding Your Estimated Tax Payments

Posted by BKHM CPAs on Wed, Jul 11, 2018 @ 12:33 PM

 Understanding Your Estimated Tax Payments:

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Supreme Court Over Turns Sales Tax Collection on Internet Sales

Posted by BKHM CPAs on Fri, Jun 22, 2018 @ 10:05 AM

The Supreme Court on Thursday standardized taxing rules for traditional retailers and online transactions, ruling that states and localities may collect sales taxes on all purchases over the internet.

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