by ABIP | Jul 7, 2023 | Accounting, Business, News, Newsletter, Taxes
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion or scrambling to find cash from...
by ABIP | Jun 13, 2023 | Business, Fraud, News
A recent cyber incident involving the City of Oakland serves as a poignant example of the potential consequences of inadequate cyber liability coverage. The incident significantly disrupted critical city services, leading to substantial downtime and financial losses....
by ABIP | Jun 9, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...
by ABIP | May 4, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...
by ABIP | May 2, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Estimated tax is the method used to pay tax on income not subject to withholding, such as income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the income...
by ABIP | May 1, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
Taxpayers who reported certain state 2022 tax refunds as taxable income may need to file an amended tax return. Affected taxpayers include those who filed before February 10, 2023, and meet certain requirements. Taxpayers who used a tax professional should consult...