To help justify your business expenses, it’s important to keep careful business records. Here are some DOs and ...
The deductibility of research and experimental expenses is limited for businesses. However, The One, Big, Beautiful B...
You’ve probably heard about The One, Big, Beautiful Bill in Congress. If enacted, what does it mean for your bu...
Having a tough year? Find out how net operating losses can convert today’s setbacks into brighter tax savings i...
As a C corporation or S corporation business owner, setting your own salary can be tricky. If it’s too high or ...
A Section 127 educational assistance plan can be a smart investment for your business. With this tax-favored benefit,...
As a small business owner, you might hesitate to establish a retirement plan due to the administrative complexities i...
No matter how meticulous your business is, payroll taxes can be complex. Here are six quick tips to help you stay on ...
Unpaid taxes withheld from your company’s employees might come back to bite you harder than you think. Find out...
If you’ve been a victim of a federally declared disaster in past years, you may be eligible for benefits under ...
Business owners have several options when planning for succession. Here are five to consider, along with the tax impl...
When starting a new business, you have several entity options to consider. One option is an S corporation. Here are s...
Years ago, businesses used to be able to claim a tax deduction for most business-related interest expense. The Tax Cu...
What tax proposals could be in play during President Trump’s first 100 days in office?
For 2025, inflation-adjusted changes were made to certain business tax provisions. Here’s how much your employe...
Discover the key benefits and potential pitfalls of operating your business as a C corporation.
An important deadline is coming up fast for businesses with workers. Here’s what’s due on Jan. 31.
Reference this tax calendar to learn the 2025 deadlines for various tax-related forms and payments.
Achieving the best tax treatment for Sec. 1231 gains and losses can be a challenge. Here’s how to help plan the...
Properly managing the tax treatment of intangible assets is vital for businesses to maximize tax benefits and ensure ...
A federal court has struck down a new rule regarding the salary threshold for determining whether employees are exemp...
Implementing tax-reduction strategies now can pay off the next time your company files its tax return.
You’re probably familiar with the self-employment tax if you own a business. Here’s a refresher on how it...
The tax-advantaged retirement plan contribution amounts will increase less next year than in previous years due to ea...
With President-elect Trump, the tax landscape will change in 2025.
A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you...
Changes are coming to the Social Security system in 2025 in the form of a higher wage base. Next year’s thresho...
What triggers an IRS audit and how can you prepare if your business is selected?
Election day is less than a month away. Here’s a rundown of the major tax proposals of the two candid...
It’s been an especially difficult year for victims of natural disasters, including those affected by Hurricane ...
It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t ...
Form 1095-C is filed with the IRS and given to full-time employees of “applicable large employers.” Which...
Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlin...
The Federal Trade Commission’s ban on noncompete agreements is now in limbo after a recent court ruling.
Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addres...
We’ll be saying goodbye to 2024 in no time. Here are some year-end moves to consider that may help your small b...
A limited liability company can provide personal liability protection from creditors while delivering tax benefits. I...
If your business is creating a partnership agreement or LLC operating agreement, it should include tax-related specif...
When developing your business’s website, how do you handle the expenses for tax purposes? Here are the basic ru...
Choosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation....
The tax landscape for businesses may change significantly in the near future. That’s because provisions in the ...
The IRS has issued final regulations regarding inherited IRAs and other defined contribution plans.
The IRS has announced several tax-compliance initiatives that focus on businesses. Here’s a look at three of th...
What are the tax consequences of selling business assets? They can be complex.
Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, conside...
An important deadline for quarterly federal estimated tax payments is coming up on June 17. Here are the methods for ...
There are several factors to consider when converting from a C corporation to an S corporation. Here are four of the ...
When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or w...
Spring is here, along with a bunch of tax-related deadlines. Here are some upcoming dates for the second quarter of 2...
There’s more than one way for businesses to claim depreciation tax deductions. By combining them, you can get o...
If your small business would like to exchange goods and services without exchanging money, you may be able to barter....
The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don...
As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the b...
Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, whic...
Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a busines...
Reference this tax calendar to learn the 2024 deadlines for various tax-related forms and payments.
There are two strong incentives for eligible small businesses to operate as a special type of entity. Learn how a Qua...
In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligati...
Spread some holiday cheer by giving gifts to employees or customers … or throwing a festive party. But make su...
The holiday whirlwind has begun. There may be ways your small business can save on 2023 taxes. But you must act fast....
Ever heard of a cost segregation study? It’s a strategy that can yield tax benefits, but it’s not the rig...
Choosing the best entity for your business is a multi-faceted decision. Here’s a look at the some of the consid...
Complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile....
IRS examiners use publications called Audit Techniques Guides to prepare for audits in certain industries and those w...
You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be o...
The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and...
Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim...
Divorce can be financially complicated, especially if one or both of the spouses owns a business.
If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be ...
Some businesses receive large amounts of cash. Depending on the amounts, they may be required to report the transacti...
You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corp...
There may be a way to reduce a large tax bill if you own appreciated land that you want to subdivide and develop for ...
When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax de...
Converting an unincorporated business into an S corporation may help you cut your self-employment tax bill. Here's ho...
Launching a business? Here’s how start-up expenses are handled on a federal tax return.
The Trust Fund Recovery Penalty is personally imposed on certain business owners and managers when employment taxes a...
If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may ...
Traveling for business this summer? Here’s a rundown of the tax deductions you can claim for business trav...
Do you know the three keys to lowering your company’s working capital requirements?
These days, many businesses are filling vacant positions and saving money by using independent contractors. Here are ...
You may have a net operating loss for your business if your deductions for the year are more than your income for the...
An educational assistance program can be a win-win. Employees value the perk and employers can benefit from a more ed...
Thinking about hiring your high-school or college-age child to work in your business? You could reap significant tax ...
C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.&rdqu...
If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrativ...
Financial reporting is more than an exercise in compliance. Proactive owners and managers view their income statement...
Has the start of spring piqued your interest in green business practices? Eco-friendly initiatives can be good for th...
Here’s a rundown of the business and individual tax provisions included in President Biden’s recently rel...
There are several choices of entities for a new business venture. What about an S corporation? Here are the advantage...
What types of information and procedures do auditors use to verify account balances and transactions? Anticipating do...
A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here&...
How does a business know if advertising and marketing expenses are “ordinary and necessary” so they can b...
With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legisl...
If you’re a business owner who works from home, you may be able to save tax with home office deductions. Here a...
Pay attention to taxes if you’re buying or selling a business. After a transaction is complete, it may be too l...
Entrepreneurs often invest blood, sweat and tears to start new businesses. But few are experts in financial reporting...
For 2023, high inflation has increased the adjustments the IRS makes annually to certain tax provisions. Here’s...
Reference this tax calendar to learn the 2023 deadlines for various tax-related forms and payments.
January 31 is an important deadline for businesses with hired workers. Here’s what’s due.
The price of gas is lower than it was a year ago. How does this affect the amount your business can deduct for busine...
You’ve probably heard about the new SECURE 2.0 law. Here’s what it might mean for your business.
Has your accounting method kept up with your financial needs? It periodically makes sense to evaluate how you’r...
Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? It might be possible...
Businesses face a variety of tax-related deadlines in the first quarter of 2023. Here are some of them.
Owners of pass-through businesses may be able to save tax with the valuable QBI deduction by taking certain steps at ...
If you’re starting a new business, you may wonder if you should operate as a C corporation, an S corporation or...
Any transaction your business engages in involving intangible assets and their related costs should be analyzed to de...
If your business is closing its doors, taxes may be the last thing on your mind. But there are a number of tax obliga...
The tax treatment of computer software costs can be more complicated than you might think. Here are the basic rules.<...
Are you interested in reducing your 2022 tax liability? There’s still time to take these year-end tax planning ...
Do you have a Health Savings Account at your business? Or are you interested in establishing one? Here are the contri...
The tax-advantaged retirement plan contribution amounts will be much higher next year than they’ve been in rece...
Can you benefit from the Inflation Reduction Act’s expansion of two tax incentives for energy-efficient constru...
Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a ce...
Your business may provide low or no-cost tax-free fringe benefits to employees. Here are the details of these benefit...
New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases contin...
The price of gas is going up again in some parts of the country. That may affect the tax deductions for local transpo...
The Inflation Reduction Act expands the R&D payroll tax credit for eligible small businesses for tax years beginn...
Many small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Cre...
Separating the ownership of a business’s real estate from the business isn’t always advisable. But it mig...
A recent survey of audit partners found that 40% were uncertain about the outlook for their primary industries. In li...
Before you know it, the end of 2022 will be near. Here are some year-end moves to consider that may help your small b...
The new Inflation Reduction Act provides small businesses with an incentive to increase their investments in research...
If you run a one-person small business, you might be able to build a bigger retirement nest egg with a solo 401(k) pl...
Buying or selling a business may be the most critical transaction you ever make. If your business is considering merg...
A limited liability company can give you corporate-like protection from creditors while providing the benefits of tax...
The “dividends-received deduction” may take some of the bite out of a C corporation’s tax bill. Her...
Form 1095-C is filed with the IRS and provided to employees of “applicable large employers” who are full-...
How do you handle the costs involved in developing your business website for tax purposes? Here are the general rules...
If your business operates as a C corporation, you may save tax by becoming an S corporation. Here’s a rundown o...
If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax...
You don’t have to be a large business to benefit from tax breaks. Here are 3 ways that eligible small businesse...
Interested in a “like-kind” exchange of real property? Here are the basic rules.
Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driv...
Start the year off right with reliable financial forecasts. Here are five questions to guide you through the process....
The price of gas is up about $1 a gallon from a year ago. How does this affect the amount your business can deduct fo...
Businesses face a variety of tax-related deadlines in the first quarter of 2022. Here are some of them.
Providing a company car to executives at your business is a prized perk. Here are the basic tax rules involved in thi...
Ever wonder how much of a tax break you’d get if you bought a private plane for your business? Here are the bas...
There may be ways your small business can save on 2021 taxes. But you must act before Dec. 31.
The sun has set on the valuable Employee Retention Credit. Here’s what happened.
Is your business giving holiday gifts to employees or customers this year? Or are you throwing a holiday party? Here ...
There are many factors to consider when choosing a business entity. Here are just a few.
Congress has passed the Infrastructure Investment and Jobs Act. Find out what tax-related provisions have been built ...
Allocating year-end tax planning time now can prove beneficial come tax filing time next year.
Looking for a flexible, tax-advantaged option for providing health care coverage at your business? Consider a Health ...
When it comes to business planning, time plays a large part in long-term success.
Business owners and their employees don’t have to pay Social Security tax on all their wages. Amounts above a c...
Reducing employee risk plays a vital part in planning your business's future success and growth for the company....
The fate of the Build Back Better Act and the Bipartisan Infrastructure Bill remains uncertain as Congress continues ...
Have you bought or sold business assets in an M&A deal in 2021 or are in the process of a transaction? If so, you...
Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rule...
Have you been affected by one of the many natural disasters that have occurred this year? Tax relief may be available...
If your business is victimized by theft, embezzlement or internal fraud, you may be able to claim a tax deduction for...
Creating incentives for key employees to support your business long-term can be a great benefit to planning the futur...
If you own or operate a business, you may not know that the IRS has “Audit Techniques Guides” for certain...
Divorce may have tax implications for the spouses involved, especially if one or both of them owns a business. Here a...
If your corporation defaults on a loan that you guarantee, you don’t want to be blindsided by the tax implicati...
Certain types of businesses receive large payments of cash. They may be required to report the transactions to the IR...
There are several options for operating your small business. For example, a sole proprietorship, an S corporation or ...
If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the bus...
If you received a PPP loan, important forgiveness deadlines are approaching. Are you ready?
Business applications have increased over the past year, according to the U.S. Census Bureau. If you’re launchi...
With a successful business comes the constant threat of competitors. Let's evaluate what your company's assets are an...
The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally ...
Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. He...
If your business hasn’t already claimed the Employee Retention Tax Credit, you should check out if you’re...
On the road again for business? Here’s a rundown of costs you can deduct for business travel.
Although you might want to enjoy the lazy days of summer, employers and businesses should be careful not to miss thes...
"Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses" | Keeping meticulous business record...
Are you a business owner with teenage or college-age children who constantly need cash? You may want to hire them to ...
You may know where you want your money to go when you die, but let's take a look at how to plan and strategize your w...
Businesses that provide Health Savings Accounts to employees know they have a variety of benefits. Here are a few of ...
When setting your business up for success, it's important to be able to identify deals that may hurt your company's f...
Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here...
If you’re trying to keep straight all of the tax proposals the Biden administration has recently announced, her...
Some employers offer educational assistance plans as a recruitment and retention tool. Here are the rules to help ens...
There’s a great deal of interest in alternative energy technologies today. If your business invests in certain ...
Thinking about hiring your teenager to work in your business? There can be significant tax benefits.
Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the...
The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during ...
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The...
Business owners may be able to save tax with home office deductions. If you’re working from home (like lots of ...
Buying or selling a business may be the largest transaction you’ll ever make. Pay attention to taxes. After a d...
How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they co...
The price of gas is down from a year ago. How does this affect the amount your business can deduct for business drivi...
A filing requirement is coming up if your business pays independent contractors or makes other payments.
Businesses that have been hit hard by the COVID-19 may be able to obtain help with PPP loans. Here are the basic rule...
The Employee Retention Tax Credit rewards employers that can afford to keep workers on the payroll during the COVID-1...
Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end....
Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take...
Do you operate your business as an S-Corp? Be aware that several elections are available to you and your shareholders...
Entrepreneurs: Don’t ignore saving for retirement. Here are the basics of tax-favored plans to help build your ...
We asked our tax professionals for a few suggestions on how to get organized and prepare for 2021. Here they are...
The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.
The tax rules for treating computer software costs can be complex. Here’s a basic explanation.
Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Her...
With fall's arrival, it’s time for businesses to start thinking about fourth quarter tax deadlines.
Even if your private foundation has good intentions, it may not be enough. You need a conflict-of-interest policy to ...
The IRS has issued guidance to implement the deferral of the employee share of SS tax, but employers still have quest...
Many businesses have undergone strategic shifts during the pandemic. Here’s how to determine whether that chang...
Depreciating assets involves a complex area of tax law; here’s a rundown:
If your business received a PPP Loan, you should be aware of the potential tax implications.
Business owners often consider “insiders” as viable successors. Can this be a fatal flaw in planning...
Today’s markets are unpredictable, but changing conditions can open new business opportunities.
If your business receives large cash or cash equivalent payments, you may have to report them to the IRS.
The SBA just released a new round of FAQs targeted at providing guidance for PPP loan forgiveness. Find out more.
Since you can’t escape the impact of cash flow, you might as well take it head on, right?
How the pandemic could add a new layer of complexity to the new-and-improved auditor’s report.
In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships....
Is your business running like a fine-tuned machine? Dashboard reports can help you quickly recognize problems and eme...
Bartering is popular during times of economic downturns, which many businesses are suffering now due to COVID-19...
Beware: Your supply and service contracts may contain hidden surprises known as “embedded” leases.
A tax form that used to be filed back in the 1980's is coming back for 2020. Here’s what businesses need to kno...
The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and ma...
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment ...
One of the most important elements of a successful business transition is transferable value. No matter what an owner...
Global economic disruption uniquely affects each business.
CARES Act - Funding and Employment Retention Provisions
CARES Act - Tax Provisions for Businesses
OK – the subject line of this article is a naked attempt to attract your attention but if you read on you ...
The criteria and precedent used to determine sales tax liability has changed. Will this change affect your business' ...
A brief summary of each state's economic nexus thresholds
The new Qualified Business Income Deduction is one of the more complex proposed changes in the Tax Cuts and Jobs Act,...
Many REITs are eligible to implement a tax strategy known as cost segregation. Unfortunately, misinformation has left...
The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many ...
Which parts of the recent tax reform have the greatest impact on not-for-profit organizations?
Your not-for-profit probably already ensures that donors receive a receipt with information about claiming a charitab...
While it remains the case that the lower corporate tax rates for C corporations increase cash flows and therefore pot...
A summary of the most widely applicable points of the tax reform passed in December 2017.
Part 3 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017.
The Impact of New Tax Law on Valuations
WEC is pleased to announce the promotion of Steven E. Sandoval from Supervisor to Individual Tax and Small Business C...
If a tax-exempt organization engages in a business that is unrelated to its primary purpose, the general rule is that...
Few, if any, of us enjoy dealing with the IRS. Often polled as America’s most hated federal agency, the agency&...
Many tax-exempt organizations publish magazines or other periodicals that contain editorial material related to the o...
Many tax-exempt organizations allow for-profit entities to use the organization's name or logo to market goods and se...
The characterization of expenditures relating to fixed assets (tangible property) has been a challenge since the ince...
After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire dr...
Every taxpayer wants to reduce his/her tax liability, and if you are involved in qualified research activities, the R...
Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative. The following taxes may...
The Returning Heroes and Wounded Warriors Work Opportunity Tax Credit is an extension of the Work Credit available fo...
A cost segregation study can help you maximize tax savings and increase cash fl ows onyour future, current...
We all know how important it is to understand how tax laws affect the day to day operations of a construction busines...
Construction companies face an imposingly complex choice when it comes to their accounting methods. Because no two pr...