Cross-functional teams can boost collaboration — and sales
A cross-functional team can jumpstart your company’s sales. By bringing employees together from across your organization, you might be able to develop more effective strategies and better align offerings with customer needs. In addition to including sales and marketing staff on your team, invite employees from IT, customer service, finance and other functions. Over time, this approach can lead to clearer visibility into what’s driving revenue and profitability and how different parts of the business contribute to company performance. Contact us to learn how to break down silos and better align your sales efforts with your broader business strategy.
Don’t miss your opportunity to make a 2025 IRA contribution — whether you can deduct it or not
Each year, you may be able to contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). The deadline for 2025 IRA contributions is April 15, 2026 — even if you file for an extension on your 2025 return.
You may be eligible to deduct all or part of your traditional IRA contribution and save taxes on your 2025 return. Roth IRA contributions aren’t deductible, but qualified withdrawals are tax-free. If you’re ineligible to make Roth IRA contributions or deduct traditional ones due to income-based phaseouts, a nondeductible traditional IRA contribution can be beneficial.
Have questions about making 2025 IRA contributions? Contact us.
Should your business consider a fiscal year end?
Most businesses close their books on December 31 because it aligns with the calendar year. And it may seem easier for tax filing purposes.
But this approach isn’t right for every business. Some entities — such as construction companies, accounting firms and snowplowing operations — may have valid reasons for adopting fiscal year ends. Aligning a company’s tax year with its operating cycle can streamline reporting and support better planning.
If you’re thinking about changing your business’s year end, contact us to discuss your options. We can also guide you through the IRS approval process.
Why you might want to build a wall between your business and its real estate
Building a wall between your company and its real estate can be a smart move for various legal and financial planning reasons. Holding real property in a separate entity — such as an LLC or limited partnership — can protect it from your business’s creditors and legal liabilities (and vice versa). Plus, this strategy offers estate planning flexibility and succession benefits. Also, you risk double taxation if your C corporation owns and sells real estate. But if you sell real estate held separately, the profits generally are taxed only once. Contact us to discuss the pros and cons of creating separate entities.
Business deductions for four-legged coworkers
Some businesses may claim tax deductions for animals that perform a legitimate business function. Guard dogs that protect property or cats that control rodents in warehouses are common examples of “working animals.” If an animal provides a clear and direct business benefit, certain expenses (such as food, veterinary care, training and supplies) may qualify as ordinary and necessary business expense deductions. However, the IRS draws a clear line between bona fide working animals and household pets. Contact us to discuss your situation. We can explain the tax rules and documentation needed to support animal-related business deductions.
It’s your last chance to claim these clean energy tax breaks
Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously scheduled. But if you bought an electric vehicle or made certain green home improvements last year, you might be eligible for a tax credit on your 2025 individual income tax return. Possible credits include ones for purchasing a new or used clean vehicle (if done by Sept. 30, 2025), making energy-efficient home improvements, or installing renewable energy systems or electric vehicle charging ports at your home. But various rules and limits apply. If you’re wondering whether you might qualify for one or more of these credits, contact us.
Better billing practices are only an easy assessment away
If your company has experienced billing errors or delays — or if it’s been a while since you assessed your billing function — now’s a good time to conduct a review. Start by ensuring your invoice amounts are accurate and discounts are properly applied. Train employees to follow up promptly on late payments or billing disputes. Rising customer complaints may signal a deterioration in the quality of your products or services and give customers an excuse to delay paying invoices. Also consider adopting an automated billing system if you don’t already use one. Electronic invoicing is faster and more efficient. Contact us for additional recommendations.
April 15 is the deadline for more than just your income tax return
You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. The April 15 deadline also generally applies to 1) making 2025 IRA contributions, 2) making 2025 SEP contributions, 3) paying the first installment of 2026 estimated taxes, 4) filing a 2025 income tax return for a trust or estate, 5) filing a 2025 gift tax return, and 6) filing a Report of Foreign Bank and Financial Accounts (FBAR). An extension is available in some cases, but not for the payment of tax due. Contact us to discuss which deadlines apply to you.
Options for forfeited employee FSA balances
Many businesses offer flexible spending accounts (FSAs) for health care and dependent care. One potential drawback is the use-it-or-lose-it rule. Under IRS cafeteria plan rules, unused amounts generally are forfeited after any applicable grace period or permitted health care FSA carryover. Employers may retain forfeitures, often to offset plan costs. If not retained, the funds may be used to reduce the employee contributions that would be required to reach certain FSA balances for the next plan year or returned to employees, provided these amounts are allocated on a reasonable and uniform basis. Contact us to for help reviewing your plan and ensuring forfeitures are handled properly.
Selling your business? You might benefit from presale financial due diligence
If you’re planning to sell your business, expect buyers to closely review your financial statements, operations and legal agreements. Conducting your own due diligence now can smooth the buyer review process and ease deal negotiations. The primary goal of presale due diligence is to evaluate the quality and sustainability of earnings, identify potential risks, and normalize financial results before giving prospective buyers access to your business’s statements. It’s also important to review employee and customer contracts, assess tax and regulatory compliance, and confirm ownership of intellectual property. Contact us to learn more.