April 2024

President Biden’s Proposed Budget Highlights His Tax Agenda

President Biden has recently unveiled his proposed budget for the 2025 fiscal year, which includes numerous tax provisions that could affect businesses and individual taxpayers. This article delves into the key tax proposals, including the potential impact and implications for various stakeholders, to help you stay informed on the proposed changes.

Tax Records: What Can You Toss and What Should You Keep?

Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date the return is filed. However, many exceptions exist that make it prudent to keep financial records even longer. Some states also have different records retention requirements. Here’s the lowdown on records retention, broken down by various types of documentation.

Is Your Business Closing? Here Are Your Final Tax Responsibilities

Businesses shut down for many reasons, including the owner’s retirement, an expired lease, staffing shortages, partner conflicts and increased supply costs. Closing a business means taking care of various tax obligations that must be met. This article provides a rundown.

Four Ways Corporate Business Owners Can Help Ensure Their Compensation Is “Reasonable”

Owners of incorporated businesses know there’s a tax advantage to taking money from a C corporation as compensation rather than as dividends. This is because a corporation can deduct the salaries and bonuses it pays executives, but not dividend payments. Therefore, funds paid as dividends are taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once — to the employee who receives it.

Payable-On-Death Accounts: Beneficial Tools if Used Correctly

Payable-on-death accounts can provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit and even brokerage accounts.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty-five years history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

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DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

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3001 N. Rocky Point Drive, Suite 214, Tampa, FL 33607

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.