Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners.
Business owners should get comfortable with their financial statements

Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners.
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by making a personal loan. That’s a nice thought, but there are tax implications that you should understand and take into account.
Will your company be ready to add a health insurance plan for next year, or change its current one? If so, now might be a good time to consider your options. These things take time.
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different succession strategies is key. Here are five options to consider, along with some of the tax implications.
Many industries have undergone monumental changes over the last decade or so. Broadly, there are two ways to adapt to the associated challenges: slowly or quickly.
There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits.
On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a statement that it will not issue any penalties or fines or take any enforcement action against companies who do not file or update beneficial ownership information (BOI) under the Corporate Transparency Act (CTA) under the current rules.
A strong sales team is the driving force of most small to midsize businesses. Strong revenue streams are hard to come by without skilled and engaged salespeople.
If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway.
There were last minute changes to the Michigan Earned Sick Time Act (ESTA) which went into effect February 21st, 2025. This bill requires employees’ sick time to be accrued at the rate of one hour for every thirty hours worked. Businesses with 10 employees or less must allow their employees to utilize at least 40 hours of paid sick leave each year. Businesses with more than 11 employees or more must allow the use of up to 72 hours of paid sick leave each year. The new law also allows small employers until October 1, 2025 to comply with these new rules. For a more detailed summary of the law as originally written, see our previous blog post here: AHP Jan 10 Blog Post – ESTA