Morison Cogen LLP

From our families to yours, wishing you all a joyful Christmas and a New Year filled with health, happiness, and continued success.

Business alert: BOI reporting requirements have been suspended for now

Business alert: BOI reporting requirements have been suspended for now New beneficial ownership information (BOI) reporting requirements that many small businesses were required to comply with by January 1, 2025, have been suspended nationwide under a new court ruling. However, businesses can still voluntarily submit BOI reports, according to the U.S. Treasury Departme...

From flights to meals: A guide to business travel tax deductions

From flights to meals: A guide to business travel tax deductions As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savin...

How can you build a golden nest egg if you're self-employed?

How can you build a golden nest egg if you’re self-employed? If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. A

Employers: In 2025, the Social Security wage base is going up

Employers: In 2025, the Social Security wage base is going up As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren...

How your business can prepare for and respond to an IRS audit

How your business can prepare for and respond to an IRS audit The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rate...

Advantages of keeping your business separate from its real estate

Advantages of keeping your business separate from its real estate Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice...

Understanding your obligations: Does your business need to report employee health coverage?

Understanding your obligations: Does your business need to report employee health coverage? Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your b...

It's time for your small business to think about year-end tax planning

It’s time for your small business to think about year-end tax planning With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching ded...

Nonprofit programs: Out with the obsolete, in with the most effective

Nonprofit programs: Out with the obsolete, in with the most effective How is your not-for-profit’s 2025 program budget looking? Unfortunately, some organizations may have to try to do more with less next year because donations and grants have fallen off. Even if your income is relatively stable or rising, you’ll want to ensure you’re making the most of your budg...

Reasons an LLC might be the ideal choice for your small to medium-size business

Reasons an LLC might be the ideal choice for your small to medium-size business Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. It can be structured to resemble a corporation for owner liab...

Giving season's here! It's time to engage donors

Giving season’s here! It’s time to engage donors The end of 2024 is rapidly approaching, and you know what that means: You need to fundraise in earnest. According to Double the Donation, 30% of all charitable giving occurs in December. Make sure your not-for-profit organization is top of mind when people pull out their credit cards and checkbooks....