Tax strategies, financial guidance, and business advisory articles from our team of experienced CPAs.
Business owners who move money, goods, or services between commonly controlled entities are subject to IRS transfer pricing rules, which require that intercompany transactions be priced as if they were conducted between unrelated parties. When those prices are not set correctly, the IRS has authority under IRC Section 482 to reallocate income and assess back taxes, interest, and penalties that can reach 20% to 40% of the resulting underpayment. With the right documentation and a deliberate approach to pricing, most small and mid-size business owners can manage this exposure without complex or costly studies.
Most business owners carry a rough estimate of what their company is worth, but that mental number is not a valuation, and the gap between the two can be costly. A formal, methodology-based business valuation is required in a wide range of situations, including selling or transferring a business, estate planning, lending, divorce, equity compensation, and shareholder disputes. Working with a credentialed valuator and involving your CPA early ensures the resulting number is defensible when it matters most.
Hiring family members can create real tax advantages for small business owners, but the rules depend on entity type, relationship, age, reasonable compensation, and payroll compliance. Here’s what to know before putting relatives on payroll.
Getting married triggers significant tax changes that catch many couples off guard, from a new filing status that takes effect the moment you say "I do," to withholding gaps that can result in an unexpected tax bill in April. Beyond filing and withholding, newlyweds also need to address name and address updates, healthcare coverage decisions, HSA eligibility changes, and dependent-related credits before year-end. Tackling these adjustments proactively, rather than waiting until tax season, helps couples avoid penalties, protect their refunds, and start their financial life together on solid footing.
For 2026, the IRS has raised contribution limits across retirement plans, IRAs, and HSAs, giving high-income households more room for tax-advantaged saving. The households that benefit most are not simply those that max out every account, but those that act early and decide deliberately which accounts to prioritize, how to coordinate Roth and pretax decisions, and how contributions fit within a broader tax and cash-flow plan. With the right strategy in place at the start of the year, these higher limits become a meaningful planning opportunity rather than a number on a checklist.
Mid-career success often brings a more complex financial picture, and the strategies that worked early on may no longer be enough. From managing higher tax exposure to protecting the wealth you’ve already built, peak earning years come with both greater opportunity and greater risk. This article breaks down the key planning moves to make now so you have more choices later.
If you are self-employed and contributing to a SEP IRA, SIMPLE IRA, or solo 401(k), you may be deducting your retirement contributions in the wrong place on your tax return without even knowing it. This common mistake doesn’t just misplace a number; it can distort your self-employment tax calculation, throw off your allowable contribution amount, and cost you money. Read on to learn where the deduction actually belongs, why the distinction matters more than most people realize.
QSBS under Section 1202 can sharply cut federal tax on a successful exit, but eligibility hinges on technical requirements set years before a sale.
To a surety, your Work-in-Progress schedule is an early warning system. Learn how WIP quality drives bonding capacity for construction contractors.
Why traditional annual reviews fall short and how structured check-ins, observable behaviors, and documentation drive better business results.
A December 2025 USPS rule means your postmark may not match the day you mailed your tax return, risking a late filing. Here's what to do about it.
Compare the SEP IRA, SIMPLE IRA, and solo 401(k) to find the right retirement plan for your business based on income, headcount, taxes, and complexity.
Filed a tax extension? The months before October 15th are a planning window to improve your return, manage what you owe, and prepare for the current year.
How disproportionate S-corp distributions can trigger a second class of stock, terminate S status, and how owners can achieve unequal outcomes safely.
An ESOP can help business owners retain key employees and plan a tax-efficient exit. Learn how ESOPs work, who can participate, and the pros and cons.
Recurring charges, dormant accounts, and overlooked assets quietly add up. A periodic financial review can uncover savings and recover forgotten funds.
The HSA is the only account with triple tax benefits. Learn the eligibility rules, reimbursement strategy, and Medicare timing to capture its full value.
Common tax assumptions about pets, travel, multi-state living, and deductions that can create real exposure if left unaddressed.
The IRS Individual Online Account lets you view tax records, check balances, pay, track refunds, and access notices year-round, not just at tax time.
Estate planning discussions often focus on the federal estate tax exemption, but most families face different challenges when transferring wealth. Probate fees, state-level taxes, capital gains exposure, and administrative complexity can all erode inheritances – even for estates well below the federal threshold. A comprehensive estate plan addresses these hidden costs, not just headline tax numbers.
The IRS has introduced a new federal income tax deduction for qualified overtime compensation, available for tax years 2025 through 2028. If you are an employee covered by the Fair Labor Standards Act (FLSA) and earn overtime pay, this deduction could put real money back in your pocket — up to $12,500 per individual return, or up to $25,000 on a joint return. The deduction applies specifically to the overtime premium portion of your pay — the amount above your regular rate — and does not require
Innocent spouse relief can protect you from being held responsible for a tax bill caused by your spouse’s or ex-spouse’s mistakes. This article explains how the IRS evaluates these claims, the types of relief available, and what to expect if you apply. If you’ve received a notice or suspect something was wrong with past returns, it may be time to talk to a CPA.
S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren’t automatic – they depend on your income level, involvement in the business, and whether you’re ready to manage the added compliance responsibilities. Here’s what you need to know about how S-corps work, who they’re right for, and what’s required to maintain one.
For self-employed professionals, 2026 has brought an uncomfortable reality: the enhanced ACA subsidies that kept premiums manageable are gone, and there’s no employer to split the bill. For many, that means thousands of dollars in additional out-of-pocket costs each year. But premium increases don’t have to become a sunk cost. At RMG CPA, we help business owners across industries approach healthcare the way they approach every other major expense.
Understanding the difference between reviewed and audited financial statements. Which level of assurance does your business need?
Accurate equipment costing is a profitability strategy for construction companies. Learn how proper tracking improves bidding, cash flow, and bonding.
The OBBBA restores permanent 100% bonus depreciation. How businesses across construction, real estate, and manufacturing can maximize this opportunity.
Your complete guide to the 2026 tax season. Document checklists, new OBBBA deductions, business filing tips, and why professional guidance matters.
IRS guidance on Trump Accounts — tax-advantaged retirement accounts for children under 18. Contributions start July 2026. Key rules and planning tips.
How the mega backdoor Roth strategy works for high earners. Contribute up to $33,500 extra to Roth accounts annually through after-tax 401(k) conversions.
Understanding the annual gift tax exclusion and how to use it strategically. $19,000 per recipient in 2026, gift splitting, 529 superfunding, and more.
Tax benefits and pitfalls of hiring your child in a family business. Requirements for legitimate work, reasonable compensation, and proper documentation.
How short-term rental income is taxed depends on structure and operation. Learn about classification, the 14-day rule, SE tax, and QBI eligibility.
IRS Notice 2025-62 provides penalty relief for employers adapting to new tip and overtime reporting rules under the OBBBA. What you need to know.
For the first time since 1986, DCFSA contribution limits are increasing to $7,500. Employers must amend plan documents by December 31, 2025.
Nonprofits investing in solar energy face accelerated deadlines for IRS Direct Pay registration. Learn the timeline, requirements, and action steps.
Discover key luxury travel trends shaping the hospitality industry. Privacy, wellness, purpose-driven experiences, and what affluent travelers want.
Year-end tax planning strategies for individuals including standard deduction, SALT cap changes, retirement contributions, and charitable giving.
Key year-end tax strategies for businesses including QBI deduction, bonus depreciation, Section 179 expensing, and retirement plan contributions.
Learn how to navigate inherited assets including real estate, investment accounts, and retirement funds. Tax implications and strategies for heirs.
How to assess your retirement readiness regardless of economic conditions. Key considerations for financial sustainability and timing your retirement.
New IRS guidance reduces the substantial improvement threshold for rural Opportunity Zones to 50%. What investors need to know about the changes.
Key inflation-adjusted tax provisions for 2026 including standard deduction, bracket thresholds, estate tax exemption, and FSA limits.
How business owners can structure spending to maximize pre-tax benefits through PTET elections, healthcare, education funding, and retirement plans.
How to build an effective budgeting and forecasting system for your business. The three-pillar approach with monthly review and scenario planning.
Federal agencies are shifting to electronic payments starting September 2025. What taxpayers, contractors, and businesses need to know.
IRS final regulations on SECURE 2.0 catch-up contributions: Roth requirements for high earners and increased limits for ages 60-63.