Tom Wheelwright

May 13, 2024 | success.com | Tom Wheelwright

Most people hate taxes. Sales tax. Income tax. Employment tax. Property tax. Every day, these and a host of other taxes are sucking money from hardworking people. In fact, the average person in a developed country spends 25%–35% of their lifetime working to pay taxes. Add in how stressful it can be to pay some of these taxes, and it’s easy to understand the loathing. On the other hand, I love taxes.

Apr 5, 2024 | financial-planning.com | Tom Wheelwright

CPAs who serve as tax advisors to entrepreneurs and investors have a lot of worried clients these days, and with good reason. The Internal Revenue Service is using billions of dollars in new funding from the Inflation Reduction Act for audits and artificial intelligence-powered scrutiny of tax returns. A sizable chunk of this enforcement effort is aimed at partnerships, one of the most common business structures across many sectors, including business, agriculture, energy and real estate.

Apr 4, 2024 | accountingtoday.com | Tom Wheelwright

CPAs who serve as tax advisors to entrepreneurs and investors have a lot of worried clients these days, and with good reason. The Internal Revenue Service is using billions of dollars in new funding from the Inflation Reduction Act for audits and artificial intelligence-powered scrutiny of tax returns. A sizable chunk of this enforcement effort is aimed at partnerships, one of the most common business structures across many sectors, including business, agriculture, energy and real estate.

Feb 15, 2024 | accountingtoday.com | Tom Wheelwright

Each year, people form millions of business entities across the U.S. Until recently, the ownership of some of these entities was opaque. Delaware, Nevada, New Mexico and Wyoming, for example, have touted the privacy they offered to limited liability companies, while most states required the owners' and manager's information.  The Corporate Transparency Act brought a significant change this year.

Feb 9, 2024 | newsweek.com | Tom Wheelwright

I've never met anybody who liked paying taxes. Not even once. It's quite the opposite. Entrepreneurs the world over love to complain about how much they must pay. Tax time becomes one of their least-favorite — and most stressful — times of the year. What's surprising, though, is how few take a strategic approach to reducing the taxes they owe. That's a costly mistake that you can avoid in 2024. The government wants more entrepreneurs and offers plenty of tax incentives to support their work.