Business Meals Fully Deductible for 2022
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals…
Author: Barnes Wendling CPAs
Tax Implications for Remote Sellers
Does Your Business Sell Products or Services Out Of State? You’ll need to be aware of economic nexus laws You are considered a remote seller if you sell products or services into a state in which you…
Family Business Succession Planning: Integrating Estate Planning into the Mix
We originally published this article in late 2020 but thought it relevant to re-share. We updated data for 2022. According to Family Enterprise USA, 87 percent of businesses in the United States are family-owned. Annually, these companies…
Getting to Know Don Zwilling: The Longest-Standing Director at Our Firm
By Donald Zwilling, CPA, ABV, Director How Did Your Career Start at Barnes Wendling? After graduating from the University of Dayton in a 1967 summer school ceremony, I was hired by Barnes Wendling and started on September…
Short-Term Investment Planning: Make a Three-To-Five-Year Horizon Work for You
Ideally, investment planning involves a long time horizon – 10, 20, or even 40 years – to reap the benefits of long-term gains in the stock market. When you’re saving for buying a house, paying college tuitions,…
Preparing for the Unexpected: Investment Planning for Major Life Changes
Investment Planning for Major Life Changes Investment planning is a lifelong activity which, for most investors, is geared to lifetime major milestones and lifecycle events. Marriage, having children, buying a home, saving for college tuition, and retirement…
Large Cash Transactions With Your Business Must Be Reported to the IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What Are the Requirements? Each person who, in the course of operating a trade or…
Is an LLC the Right Choice for Your Small Business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options…
The Deductibility of Corporate Expenses Covered by Officers or Shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are…
5 Ways to Take Action on Accounts Receivable
No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will…
401(k) Plan Relief: IRS Extends Administrative Relief
As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes…
Do You Qualify for the 2021 Child Tax Credit? Find Out Now!
What You Need to Know Millions of American taxpayers with children will begin receiving advance payments of their 2021 Child Tax Credits starting this July. However, not all households that qualify for the Child Tax Credit will…
