Earlier this month, the IRS announced that it was implementing a moratorium on the acceptance of new Employee Retention Credit claims until 2024. Any businesses that had planned to file a claim in the coming months must wait until 2024, when a series of new measures to prevent fraud will be in place. The pause …
IRS Announces Pause in Employee Retention Credit Claims Read More »
If you’re planning on selling your business in the future, a comprehensive exit planning process is crucial to maximizing your outcome. Exit planning should be top of mind for all successful business owners, but it’s a topic that’s overlooked by many entrepreneurs. Even if you currently don’t have any plans to sell your business, the …
5 Key Steps to Effective Exit Planning for Business Owners Read More »
Individual Retirement Accounts, more commonly known as IRAs, are extremely popular retirement savings accounts used by tens of millions of American citizens. These tax-advantaged accounts allow Americans to save for their retirement throughout their working lives. In total, Americans currently hold more than $12 Trillion in IRAs. Many of these accounts are drawn down throughout …
New Tax Rules on Inherited IRAs: An Update From Strothman+Co Read More »
The Employee Retention Tax Credit (“ERTC”) is still getting a lot of attention in the news media these days. Also, a number of companies are advertising on TV and the internet to say that you may still be able get claim the credit, even if you didn’t have a drop in revenues. Let me give …
How much is your business worth? It’s an interesting question, but one that’s difficult for many entrepreneurs to answer. So many factors define how the value of a business is calculated – both quantitative and qualitative. Businesses aren’t static – they grow and evolve over time, and so does their value. It’s crucial for business …
What’s Your Business Worth? The Art and Science of Business Valuation Read More »
If there’s one constant in the world of tax, it’s change. Tax regulations continue to evolve at a local, state, and federal level, with implications for businesses and individuals alike. Staying up to date with this constant stream of updates can be challenging for busy entrepreneurs and business professionals. But at the same time, it’s …
Summer 2023 Tax Updates – What’s New, What’s Changed, and What You Can Do Read More »
Another busy tax season is in the books. Excluding taxpayers that filed extensions, the 2022 tax year is complete, with the passage of the filing deadline on April 18. At Strothman+Co, it was another successful filing season, with our professionals helping hundreds of businesses and individuals across Kentucky, Indiana, and beyond navigate all kinds of …
The past few weeks have been a tumultuous period for the financial sector. The collapses of Silicon Valley Bank (SVB) and Signature Bank were the second and third-largest U.S. bank failures in history, overshadowed only by the 2008 collapse of Washington Mutua. Just weeks later, Swiss bank Credit Suisse also collapsed and was bought by …
With tax filing season now in full swing, the team at Strothman+Co felt it important to remind our clients and the wider community of the importance of a sophisticated tax strategy in building wealth. As the saying goes, it isn’t about how much you make, it’s about how much you keep. This insight was one …
Wealth Care and Tax Planning: The Perfect Combination Read More »
Following the landmark South Dakota vs. Wayfair Supreme Court decision in 2018, it’s fair to say that the sales tax landscape has changed significantly. Since the decision, many businesses that do business outside of their home states have been forced to evaluate whether they have sales tax nexus in those states. Previously, the determination of …
How to Determine if Your Business Has Sales Tax Nexus in a State Read More »
