When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property.

Many different shortcomings can hold back the growth of a company. Some are obvious, such as poor cash flow management or flawed strategic plans. Others aren’t so easy to see.

Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or Roth 401(k), contributing as much as possible to the plan in 2025 is a smart way to build a considerable nest egg.

Literally hours after our last email update on December 27th, we learned a different panel of the Fifth Circuit Court of Appeals issued an order vacating the previous panel’s December 23rd stay of the injunction. As a result, the injunction issued on December 3rd is back in effect and reporting companies are once again not required to file the beneficial ownership information report with FinCEN and are not subject to any liability if they do not file while the injunction is in place.

On December 23, 2024, the Fifth Circuit Court of Appeals stayed the injunction issued earlier in December by a Texas Federal Court. As a result of this stay, the reporting requirements are again enforceable and taxpayers must act quickly to avoid large fines.

Managing the financial performance of your business may sometimes seem like steering a ship through treacherous waters. Perhaps your voyage goes smoothly for a while until, quite suddenly, you hit a concerning dip or abrupt swell — either of which creates considerable operational pressure.

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation.

So, how are sales looking for next year? It’s not a rhetorical question. Your business should be able to look ahead and accurately estimate how its future sales are shaping up. This practice is called sales forecasting, and doing it well is key to better managing your company’s financial performance.

There are two tax breaks that help eligible parents offset the expenses of adopting a child. In 2025, adoptive parents may be able to claim a credit against their federal tax for up to $17,280 of “qualified adoption expenses” for each child. This is up from $16,810 in 2024. A tax credit is a dollar-for-dollar reduction of tax.

In another turn of events, the IRS has made a change to the adoption of the new Form 1099-K reporting guidelines.  The 1099-K is generally issued for “reportable payment transactions” made through such “payment settlement entities” such as Venmo, PayPal, and other third-party settlement organization (TPSO) transactions.