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In today's tight labor market, small businesses — including restaurants, delivery services, retail stores and manufacturers — are struggling to attract and retain top-quality staff. The conditions are likely to worsen in many sectors as demand ramps up during the summer months. To be competitive… Read more
As part of its 2023 budget bill, New York state expanded the benefits of its elective pass-through entity tax (PTET) for some resident S corporation shareholders. The budget bill also creates a PTET election for New York City, making it the first U.S. local jurisdiction to offer such an election.
Congratulations! Your son, daughter or grandchild has earned a college degree and is ready to join the workforce. But there's one last "quiz" for you to administer before your child leaves the nest. The decisions your child makes today about spending and saving can mean the difference between…
Businesses that need real estate to conduct operations, or otherwise hold property, traditionally have put the title to the property in the name of the business itself. But owners are increasingly rethinking this approach. Many are recognizing that any short-term benefits may be outweighed by the…
There's a harsh tax penalty that you could be personally responsible to pay if you own or manage a business with employees.
As the 2021 tax filing season progresses, small businesses and self-employed taxpayers should make certain they are taking advantage of all of the tax deductions and opportunities available to them on their 2021 federal income tax returns. Tax savings increases after-tax cash flow and can mean…
The Biden Administration has proposed to modernize certain tax rules relating to securities, including nonrecognition rules applicable to certain securities lending transactions and the mark-to-market rules under Section 475, to extend them to cryptocurrencies and other digital assets. The tax…
Many existing businesses pivoted from their regular operations into a different sort of enterprise during the COVID-19 pandemic. For example, a distributor of consumer goods may have shifted into medical supplies to help fill a void. Interestingly, some businesses that made a move emerged in…
Noncompete agreements are commonly included in business purchase transactions to prevent the seller from competing against the buyer for the term of the noncompete agreement. These arrangements are also sometimes called covenants-not-to-compete or noncompete covenants.