Recent tax legislation introduces a new temporary federal income tax deduction for auto loan interest. Even more recently, the IRS issued proposed regulations on this potentially valuable tax break. We’ve got the scoop on what taxpayers need to know about the write-off itself and the proposed regs.

What happens if a partner in your medical practice decides to leave partway through the firm’s tax year? How are partnership tax items for that year allocated between the departing partner and the remaining partners? Continue reading for the answer, which can have significant positive or negative tax ramifications for the partner who is leaving and the remaining partners.

Is now the time to really grow your business? The answer will depend on various specifics about your company, such as its mission and its market. One thing, however, is usually true: Businesses that fail to grow tend to not last very long. Competition is fierce in most every industry. This article discusses some sound practices in planning and executing a business expansion.

Many businesses have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify, though some businesses may be better off using the accrual method. This article details why businesses should evaluate their tax accounting method to ensure that it’s the most advantageous approach.