Burns Firm

Hiring Independent Contractors? Make Sure They Are Properly Classified

April 28th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Preparation, Tax Return|Tags: , , , , , , , , |

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified [...]

CARES ACT Changes Retirement Plan and Charitable Contribution Rules

April 16th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , |

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes [...]

Why You Should Keep Life Insurance Out of Your Estate

April 7th, 2020|Categories: Accounting, Burns Firm, Tax, Tax Planning, Tax Return|Tags: , , , , , , , , , |

If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your [...]

Testing the Waters Before Jumping In

April 2nd, 2020|Categories: Accounting, Burns Firm, Business, Buying a Business, Merger & Acquisition, Sell Business, Selling a Business, Services, Tax|Tags: , , , , , , , , , , |

When considering a merger or acquisition, the most opportune time to find out about possible culture clashes is obviously before the deal is complete. In fact, one often-cited reason for [...]

The New COVID-19 Law Provides Businesses With More Relief

March 31st, 2020|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Planning, Tax Preparation|Tags: , , , , , , , , |

Just days ago, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. We believe this will provide much needed relief to “Main [...]

IRS Issues New Regs on Deducting Meal and Entertainment Expenses

March 26th, 2020|Categories: Accounting, Burns Firm, Business, Buying a Business, C Corporation, Litigation Services, Merger & Acquisition, Partnership, Sell Business, Selling a Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: , , , , , , |

The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct 50% of the cost [...]

Individuals Get Coronavirus (COVID-19) Tax and Other Relief

March 24th, 2020|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Selling a Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: , , , , , , , |

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal [...]

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