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LATEST NEWS & UpDATES
When inheriting money, be aware of “income in respect of a decedent” issues
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to...
Does your business barter? Here are some facts you should know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it...
The election to apply the research tax credit against payroll taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can...
Walking a tightrope? ERM can help
If risk wasn’t a nagging concern for nonprofits before the pandemic, it certainly is now. Health risks to staffers, volunteers and clients, and financial threats, including declining donations and increased incidence of fraud, now likely...
Tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on...
What your nonprofit needs for a successful capital campaign
Many nonprofits have put major purchases and other ambitious initiatives on hold during the pandemic. But if you need to buy or expand a facility, purchase expensive equipment, or seed an endowment, your organization may not want to wait...
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your...
Tax limits for businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an...
2022 Q1 tax calendar: Key deadlines for businesses
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us...
Consulting & Support Services
Holcombe, Holtzclaw & Ravan LLC offers a range of business support services to meet the diverse needs of our clients in Spartanburg, SC who own and manage businesses. We have four QuickBooks Pro Advisors on staff, all ready and able to help.
Professional Tax & Accounting Services
Accounting Resources
We have listed a few accounting and tax websites that you will find helpful and informative.
