The knowledge you need

For business owners weighing options, the way a business is taxed can shape nearly every decision that follows. The C corporation stands apart from other structures in that it pays taxes as a separate legal entity. That single distinction affects everything from how profits are handled to how much flexibility the business has in managing earnings and benefits.

Organizations that receive federal funding may be required to prepare a Schedule of Expenditures of Federal Awards (SEFA). This report is a central part of the Single Audit, a compliance requirement triggered when an entity spends a certain amount of federal funds in a fiscal year.

On May 9, 2025, the House Ways and Means Committee released the first details of a new tax bill, followed by a longer summary on May 12. It’s early in the process, and changes are expected, but the proposal offers a look at what Congress may be considering as several key tax provisions from the Tax Cuts and Jobs Act (TCJA) near expiration at the end of this year.

Commercial property owners are always looking for ways to reduce tax liability and increase cash flow. One strategy that is gaining more attention in recent years is the cost segregation study. This approach helps accelerate depreciation and tax deductions into the early years of property ownership.  Despite its technical nature, cost segregation is based on a simple idea. A building is made up of many parts, and not all of the parts age or wear out at the same pace. Because of that, they don’t necessarily need to be depreciated in the same way. When applied correctly, this strategy can lead to significant upfront tax savings.

The last few months have brought economic uncertainty to South Carolina businesses across several industries. This has resulted in companies facing higher costs for materials and supplies, reduced demand, and potential workforce changes. In addition, many have been forced to make strategic adjustments such as developing new supplier relationships. In light of the situation companies are focused on finding new opportunities to reduce costs – including taxes. The good news is tax savings may be possible by taking advantage of state level business tax credits and incentives. South Carolina offers several programs including the Jobs Tax Credit, Research & Development (R&D) Tax Credit, Solar Energy Tax Credit, amongst others.

Earlier this month Georgia Governor Brian Kemp signed two important parcels of legislation into law. The enactment of House Bill (HB) 111 and 112 provides both tax relief and a surplus refund to full and nonresident income tax filers. The first calls for a continued reduction in the state income tax rate from then original 5.75% to 5.19% effective immediately. The second permits surplus tax refunds to be paid to eligible individuals. The maximum refund is $500 per household with smaller amounts determined by filing status.

Preparing for an ERISA plan audit often starts with understanding what the audit looks for and how daily plan operations support compliance. For plans that cover 100 or more eligible participants at the beginning of the year, the audit is a required part of filing Form 5500. But beyond meeting filing requirements, the process gives sponsors a chance to review how contributions are handled, how participant data is tracked, and how internal controls are working.

Atlanta car dealerships are constantly searching for ways to increase new and used car sales. For some this means enhancing the sales experience with new digital tools, offering online trade-in estimates, or an inventory locator. For others it is about offering competitive financing and other payment options. Regardless of the challenge, auto dealers are focused on growing the bottom line. While customer centric solutions are important, dealerships should regularly conduct benchmarking to uncover areas of opportunities and growth.  By evaluating performance against industry standards, dealerships can identify operational improvement opportunities. When properly leveraged, essential changes can lead to a stronger bottom line.

On April 3, 2025, a new 25% tariff on imported vehicles went into effect, bringing big changes for auto dealerships across the country. Nearly half of the new vehicles sold in the U.S. each year come from countries like Mexico, Canada, South Korea, Japan, and Germany. The added cost of these tariffs is expected to influence vehicle pricing, inventory decisions, and customer demand at the dealership level.

I want you to imagine hearing the three words, “You have cancer.” Sadly, this has been a reality for more than 1.2 million Americans who are fighting or are in remission from blood cancer.