Business Tax – Bregante+Company LLP

From Silos to Synergy: Aligning Tax and Finance

An organization’s finance and tax functions are closely related, with the tax function relying on finance data and systems to support accurate tax calculations and compliance procedures, and the finance team relying on tax calculations for financial reporting, cash flow analysis, forecasting, and modeling.

Failing to align the finance and tax functions can lead to presenting the C-suite with inaccurate information or hindering how quickly leaders receive information. That in turn can affect a company’s efficiency and reputation.

This co-dependency is probably why more businesses are giving their tax functions a seat at the decision-making table. According to the most recent BDO Tax Strategist Survey, 90% of tax leaders say they are invited to weigh in on business decisions and that their recommendations carry significant weight.

Why Align Your Tax and Finance Functions?

Finance […]

By BCo Author|March 5th, 2026|Categories: Business Tax|Comments Off

2025 Year-End Tax Planning Guide for Private Companies

From Survive to Thrive

Private companies find themselves navigating a tax landscape marked by rapid change and increasing complexity. The wave of legislative, economic, and technological developments over the past year has created novel challenges. It’s not enough to merely survive.

All businesses are facing external challenges, and the most agile companies are often the most successful. Private companies should focus on converting new developments into opportunities to thrive. And there is no shortage of new developments this year.

Tariff policy often seemed to change by the hour, and the situation continues to evolve. Fortunately, mitigation tools and planning responses can help companies thrive despite the challenges.

On the tax side, sweeping new legislation will have major implications for private businesses. For example, companies will enjoy new opportunities to accelerate deductions for research and […]

By BCo Author|December 1st, 2025|Categories: Business Tax|Comments Off

When Can Business Travel Expenses Be Deducted?

Business owners, executives and employees are hitting the road, rails and skies at levels that haven’t been seen since before the pandemic. The extent to which business travel expenses can be deducted depends on a variety of factors.

Taxpayers who can claim the deduction

Self-employed people may deduct business travel expenses on Schedule C. But through 2025, employees aren’t permitted to deduct unreimbursed business expenses, including travel expenses. This is due to the Tax Cuts and Jobs Act (TCJA) suspension of miscellaneous itemized deductions subject to the 2% of adjusted gross income floor.

Businesses may deduct employees’ travel expenses to the extent that they provide advances or reimbursements to employees or pay the expenses directly. Advances or reimbursements are excluded from the employees’ wages (and, therefore, aren’t subject to income or payroll taxes) […]

By BCo Author|November 22nd, 2024|Categories: Business Operations, Business Tax, IRS|Comments Off

Planning to Deduct for Losses this Tax Season? Be Sure to Read the Fine Print.

Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic will be especially relevant during the 2022 tax compliance season because of recent declines in the stock market and a challenging overall business environment.

With that said, you shouldn’t assume that every business operating loss or capital loss on investments will lead to a 1:1 deduction on your tax return. There are significant limitations and qualifications surrounding these losses, so it’s critical to understand the details.

In this article, we provide a primer on some of the loss limitations that are most likely to affect high income taxpayers during the upcoming tax filing season.

Not All Business Losses Are Tax Deductible

Rising interest rates and other effects of surging inflation have created a challenging environment across industries. […]

By BCo Author|March 15th, 2023|Categories: Business Operations, Business Tax, IRS|Comments Off

Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes

The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.

Among the new proposals, the minimum tax on high-net-worth individuals has garnered considerable press attention.

These proposals, as well as others that have not been closely scrutinized, are described in more detail below.

Corporate Tax Proposals

Raise Corporate Income Tax Rate to 28%

C corporations, unlike an S corporation, the […]