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Question: Our company recently began offering a 401(k) plan. So far, things are running smoothly, but we know mistakes can happen. We’ve heard the IRS has a program for plan sponsors to fix mistakes. Are there some errors we can correct without IRS involvement? Answer: Yes. The IRS’s Employee Plans Compliance Resolution System (EPCRS) provides…

Social media sites such as Twitter, Facebook, LinkedIn, YouTube and blogs can be powerful business tools. But they also carry risks, including inadvertently disclosing corporate trade secrets or engaging in behavior that can harm your company’s reputation. These concerns, combined with obligations to maintain confidentiality and worries about employee productivity, have prompted some businesses to…

If your family business operates as a C corporation, watch out for double taxation whenever you withdraw cash from the company. If the corporation has current or accumulated earnings and profits, the IRS generally considers payments to shareholders to be taxable dividends — unless there’s proof payments were for another purpose (such as compensation for…

Filing your 2025 federal income tax return can provide valuable insights to help with 2026 tax planning. For example, if you receive a large refund or owe significant taxes for 2025, you can benefit from revisiting your withholding for 2026. Although a large refund can provide an enjoyable cash boost, it really means you were…

How can you deduct interest expense on your 2025 individual federal income tax return and beyond? Let us count the ways. Although personal interest expense isn’t deductible in general — for example, you can’t deduct credit card interest — there are four types of interest expense that are deductible if you meet the requirements. As…

Thanks to today’s favorable federal gift and estate tax rules, most people haven’t amassed enough wealth to worry about federal estate taxes. However, even if you haven’t had the good fortune to win the lotto or inherit millions from a wealthy relative, you still need an estate plan to protect your assets and your loved…

Does your business need an infusion of capital to pursue growth opportunities? Securing a business loan can be a smart move, but you must be well-prepared. In today’s tight lending environment, banks are increasingly selective, and your business must present a compelling case to get approved. Learning to think like a lender can help you…