by Team FBPCPA | May 31, 2023 | Business Resources
The Identity Protection PIN (IP PIN) is a unique six-digit number issued annually by the Internal Revenue Service (IRS) to help protect taxpayers from identity theft. The IP PIN is different from the taxpayer’s Social Security number and is used as an additional...
by Layne Bodily | Apr 5, 2023 | Taxes
This is the final installment of a three-part series on estate planning. Illinois is one of 12 states that impose an Estate or Inheritance tax in addition to the Federal Estate tax. The Illinois estate tax is administered through the Office of the Attorney General,...
by Layne Bodily | Mar 5, 2023 | Taxes
This is the second installment in a three-part series on Estate Planning. The federal estate tax is one of the most complex and controversial taxes in the United States. This tax is imposed on the transfers of property at death, and it can have a significant impact on...
by Layne Bodily | Feb 10, 2023 | Financial Planning, Personal Financial Insights
Estate Planning Basics This is the first installment of a three-part series on estate planning. Estate planning is not just for the super wealthy. Everyone has an estate, and everyone should have a plan for what will happen to their estate when they pass away. Estate...
by Layne Bodily | Jan 30, 2023 | Business Planning, Business Resources, Financial Planning
This is Part 5 of a short series discussing the basics of the income statement. See part 1 for a general overview, part 2 for more info regarding revenue, part 3 for costs of goods sold and part 4 for operating expenses. So far, we’ve covered all the basics of...
by Layne Bodily | Jan 13, 2023 | Business Planning, Business Resources, Financial Planning
This is Part 4 of a short series discussing the basics of the income statement. See part 1 for a general overview, part 2 for more info regarding revenue, and, part 3 for costs of goods sold. Operating expenses are expenses needed to run the company that does not...
by Layne Bodily | Oct 19, 2022 | Financial Planning
Preparing Data for a Downturn As a CEO or CFO, you must leverage your company’s data to clearly understand your current economic standings. As you prepare for the inevitable ebb and flow of business, some best practices ensure that your company is protected as...
by Layne Bodily | Sep 1, 2022 | Business Planning, Business Resources, Financial Planning
This is part 3 of a short series discussing the basics of the income statement. See part 1 for a general overview, and part 2 for more info regarding revenue. In this post, we’ll be talking about costs of goods sold. In general, costs of goods sold are going to be...
by Team FBPCPA | Aug 5, 2022 | Business Planning, Financial Planning, Taxes
The IRS has delayed implementing the reporting changes discussed in this blog. We will update it as more information becomes available. Please see the full IRS announcement here. What is a 1099-K The 1099-K is an IRS information return used to report certain payment...
by Team FBPCPA | Jul 5, 2022 | Business Insights
Inflation is defined as a sustained increase in the general price level of goods and services in an economy. There are a number of ways to measure inflation, but the most common is the Consumer Price Index (CPI). The CPI is a measure of the average change in prices...
