Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business… Read More »CPA Forensic: Do you run a business from home? You may be able to deduct home office expenses

Even before the pandemic and “the Great Resignation” that followed, construction businesses were facing a shortage of skilled workers. Recent events have only exacerbated the problem. And the skilled labor shortage doesn’t just make it… Read More »Emil @ CPA Forensic: How construction companies can cope with the skilled labor shortage

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became… Read More »Forensic CPA – Child tax credit: The rules keep changing but it’s still valuable

Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to… Read More »Forensic CPA: Key tax issues in M&A transactions

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform… Read More »CPA Forensic: Have employees who receive tips? Here are the tax implications

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10… Read More »Emil @ CPA Forensic wrote: Answers to your questions about 2023 limits on individual taxes

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of… Read More »Forensic CPA wrote: Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

The construction industry continues to face supply chain slowdowns, labor shortages and inflation — though the latter of the three has generally moderated a bit as of late. To monitor and optimally respond to rising… Read More »Forensic CPA: 8 ways to insulate your construction company against rising costs

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your… Read More »Emil @ CPA Forensic wrote: Many tax limits affecting businesses have increased for 2023

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until… Read More »Forensic CPA: Why you might want to file early and answers to other tax season questions