Mar 12, 2024 | Business Planning, Closely Held Business, Tax News
Your recordkeeping system should include a summary of every transaction that takes place in your business’ name. Make sure you maintain and update a summary of all business transactions. How to log and track your business tax records It’s best if you allocate...
Mar 6, 2024 | Business Planning, Closely Held Business, Tax News
Reposted from The New York Times, March 3, 2024 news article. An Alabama judge barred the government from collecting certain company ownership data to help the Treasury Department identify money launderers, and called the effort a case of congressional overreach. In a...
Feb 29, 2024 | Business Planning, Closely Held Business, Tax News
As explained in a FinCEN release, the bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Companies...
Feb 27, 2024 | Business Planning, Closely Held Business, Tax News
Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It’s the business you’re in that affects the type of records you need to keep for federal tax purposes. How long should you keep...
Jan 24, 2024 | Business Planning, Closely Held Business, Estate Planning, Featured News and Events, Not-for-Profit, Personal Financial Planning, Real Estate
Last week, Dr. Terry Clower was guest speaker for MCB’s annual Economic Outlook event, where he shared insights on the state of our national and local economies. MCB has sponsored the Economic Outlook event with Dr. Clower in January for the past 10 years. Also...
Jan 11, 2024 | Business Planning, Closely Held Business
The small business pages on IRS.gov serve as comprehensive guides for people looking to navigate the entire life cycle of their business as well as their business-related tax obligations. If you are starting a business and need assistance figuring out the appropriate...