AHP Articles - Andrews Hooper Pavlik PLC

Created: Monday, September 30, 2024

IRS issues Partnership Basis Shifting guidance

In June, the IRS and the Department of the Treasury issued guidance to close potential loopholes in the tax code for partnership entities. Utilizing funding from the Inflation Reduction Act, one of the IRS’ focal points is partnership basis and how shifting it between related parties (either partnerships or partners) is generating potentially unfair tax benefits for taxpayers.

Created: Wednesday, September 25, 2024

IT strategy showdown: Enterprise architecture vs. Agile

Few, if any, companies can operate successfully today without the right information technology (IT) strategy. And as businesses grow, their IT needs and infrastructures become even more complex and costly.

Created: Tuesday, September 24, 2024

Make year-end tax planning moves before it’s too late!

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next.

Created: Tuesday, September 24, 2024

GASB Issues Statement No. 104 to Improve Capital Asset Disclosures

On September 24, 2024, the GASB issued Statement No. 104, Disclosure of Certain Capital Assets to provide users of state and local government financial statements with improved disclosures of information about certain types of capital assets. It also establishes additional disclosure requirements for capital assets held for sale.

Created: Wednesday, September 18, 2024

Businesses must stay on guard against invoice fraud

Fraud is a pernicious problem for companies of all shapes and sizes. One broad type of crime that seems to be thriving as of late is invoice fraud.

Created: Tuesday, September 17, 2024

Is your home office a tax haven? Here are the rules for deductions

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional and related occupations works from home.

Created: Wednesday, September 11, 2024

Which leadership skills are essential to strategic planning?

To help ensure continued stability and profitability, businesses need to engage in some form of strategic planning. A recent survey by insurance giant Travelers drives home this point.

Created: Tuesday, September 10, 2024

Understanding the $7,500 federal tax credit for buying an electric vehicle

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from 5.9% in 2022. To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles.

Created: Wednesday, September 4, 2024

6 key elements of a business budget

Every business needs a budget, but not every budget looks the same. Some companies have intricately detailed ones, others rely on simple templates generated with off-the shelf software, and still others forego formal budgets in favor of a “fly by the seat of your pants” approach. (That last option isn’t recommended.)

Created: Tuesday, September 3, 2024

6 tax-free income opportunities

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications: