Selecting the Cash or Accrual Accounting Method
Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the accrual…
Records Retention: What to Keep, What to Toss, and Why It Matters
Written by BKR International With tax season in the rearview mirror, many individuals and business owners wonder how long they should hold on to tax-related records — and what can…
NJ Family Leave Act (NJFLA) Changes Coming in 2026
Employers should be aware that changes to the New Jersey Family Leave Act (NJFLA) will take effect on July 17, 2026. Here is a summary of the changes: The employer…
Should Your Business Consider a Fiscal Year End?
Most businesses close their books for tax and accounting purposes on December 31 because it aligns with the calendar year. But a calendar year isn’t always the best option. For…
Business Deductions for Working Animals
Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may…
How Nonprofits Can Benefit from Outsourced Accounting
Written by Partner Mike Smith, CPA and Partner Vicki Kosuda, CPA Running a nonprofit is a big job. From delivering mission-driven programs to managing grants and maintaining donor relationships, nonprofit…
Options for Forfeited Employee FSA Balances
Many businesses offer health care and dependent care flexible spending accounts (FSAs) as part of their employee benefits package. These plans provide valuable tax savings to employees and payroll tax…
What’s Your Potential Business Vehicle Deduction?
If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally deduct…
Clarifying Discount Rates Used in Business Valuations
Financing options The cost of capital represents the expected rate of return that the market requires to attract funds to a particular investment. It’s based on the perceived risk of…
Deferring Taxes on Advance Payments
An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable…