There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than on capital gains. Ordinarily, […]
Read More… from Is your business eligible for the dividends-received deduction?
Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are five issues to consider if you’re in the process of […]
Recent supply shortages may cause unexpected problems for some businesses that use the last-in, first-out (LIFO) method for their inventory. Here’s an overview of what’s happening so you won’t be blindsided by the effects of so-called “LIFO liquidation.” Inventory reporting methods Retailers generally record inventory when it’s received and title transfers to the company. […]
Read More… from Warning for retailers and businesses using the LIFO method
Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help ensure the assumptions underlying prospective financial statements make sense in today’s volatile marketplace. Key definitions When […]
Read More… from Forecasts vs. projections: What’s the big difference?
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply. […]
Read More… from Valuable gifts to charity may require an appraisal
Cordasco talks with NextAdvisors on why you should not wait to file your 2021 tax return if you are on extension. Check out the full article […]
Read More… from Why you shouldn’t wait to file your tax return if you’re on extension
Check out Cordasco’s most recent interview with the Market Herald entitled Tax Refunds: A Time To Splurge Or A Time For Wise Financial Moves? […]
Read More… from Cordasco’s Tax Refund Recommendations in the Market Herald
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a […]
Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services […]
Read More… from How inflation could affect your financial statements
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. August […]
Read More… from 2022 Q3 tax calendar: Key deadlines for employers
Do you want your business to avoid unwanted financial surprises while also minimizing taxes?
Take Rob’s free assessment and let’s determine your business’ current stage in its life cycle!
Get Started