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Debate Continues in Congress Over Proposed Tax Changes Image
Debate Continues in Congress Over Proposed Tax Changes

The fate of the Build Back Better Act and the Bipartisan Infrastructure Bill remains uncertain as Congress continues ...

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10/14/2021
M&A Transactions: Be Careful When Reporting to the IRS Image
M&A Transactions: Be Careful When Reporting to the IRS

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...

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9/30/2021
Tax Depreciation Rules for Business Automobiles Image
Tax Depreciation Rules for Business Automobiles

Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rule...

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9/23/2021
Disasters and Your Taxes: What You Need to Know Image
Disasters and Your Taxes: What You Need to Know

Have you been affected by one of the many natural disasters that have occurred this year? Tax relief may be available...

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9/20/2021
Claiming a Theft Loss Deduction if Your Business Is the Victim of Embezzlement Image
Claiming a Theft Loss Deduction if Your Business Is the Victim of Embezzlement

If your business is victimized by theft, embezzlement or internal fraud, you may be able to claim a tax deduction for...

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9/10/2021
Getting a Divorce? Be Aware of Tax Implications if You Own a Business Image
Getting a Divorce? Be Aware of Tax Implications if You Own a Business

Divorce may have tax implications for the spouses involved, especially if one or both of them owns a business. Here a...

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8/26/2021
Possible Tax Consequences of Guaranteeing a Loan to Your Corporation Image
Possible Tax Consequences of Guaranteeing a Loan to Your Corporation

If your corporation defaults on a loan that you guarantee, you don’t want to be blindsided by the tax implicati...

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8/19/2021
Is an LLC the right choice for your small business? Image
Is an LLC the right choice for your small business?

There are several options for operating your small business. For example, a sole proprietorship, an S corporation or ...

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8/5/2021
The deductibility of corporate expenses covered by officers or shareholders Image
The deductibility of corporate expenses covered by officers or shareholders

If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the bus...

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7/29/2021
Getting a New Business off the Ground: How Start-up Expenses Are Handled on Your Tax Return Image
Getting a New Business off the Ground: How Start-up Expenses Are Handled on Your Tax Return

Business applications have increased over the past year, according to the U.S. Census Bureau. If you’re launchi...

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7/22/2021
Who In Small Business Can Be Hit With The “Trust Fund Recovery Penalty?” Image
Who In Small Business Can Be Hit With The “Trust Fund Recovery Penalty?”

The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally ...

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7/15/2021
10 Facts About the Pass-through Deduction for Qualified Business Income Image
10 Facts About the Pass-through Deduction for Qualified Business Income

Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. He...

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7/8/2021
Eligible Businesses: Claim the Employee Retention Tax Credit Image
Eligible Businesses: Claim the Employee Retention Tax Credit

If your business hasn’t already claimed the Employee Retention Tax Credit, you should check out if you’re...

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7/1/2021
Here Come the Child Tax Credit Payments: What You Need to Know Image
Here Come the Child Tax Credit Payments: What You Need to Know

If you have children age 17 or under, it’s critical to understand the recent changes made to the child tax cred...

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6/30/2021
Important Changes to the Child Tax Credit Image
Important Changes to the Child Tax Credit

As part of the American Rescue Plan Act enacted in March, significant changes were made to the child tax credit that ...

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6/25/2021
Traveling For Business Again? What Can You Deduct? Image
Traveling For Business Again? What Can You Deduct?

On the road again for business? Here’s a rundown of costs you can deduct for business travel.

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6/24/2021
2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers Image
2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Although you might want to enjoy the lazy days of summer, employers and businesses should be careful not to miss thes...

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6/17/2021
Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses Image
Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses

"Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses" | Keeping meticulous business record...

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6/10/2021
Hiring Your Minor Children This Summer? Reap Tax and Nontax Benefits Image
Hiring Your Minor Children This Summer? Reap Tax and Nontax Benefits

Are you a business owner with teenage or college-age children who constantly need cash? You may want to hire them to ...

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6/3/2021
The IRS has Announced 2022 Amounts for Health Savings Accounts Image
The IRS has Announced 2022 Amounts for Health Savings Accounts

Businesses that provide Health Savings Accounts to employees know they have a variety of benefits. Here are a few of ...

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5/27/2021
Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees Image
Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here...

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5/13/2021
The Biden Administration Proposes Far-Reaching Tax Overhaul Image
The Biden Administration Proposes Far-Reaching Tax Overhaul

If you’re trying to keep straight all of the tax proposals the Biden administration has recently announced, her...

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5/7/2021
President Biden details his tax proposals for individuals Image
President Biden details his tax proposals for individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an...

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4/30/2021
Claiming the Business Energy Credit for Using Alternative Energy Image
Claiming the Business Energy Credit for Using Alternative Energy

There’s a great deal of interest in alternative energy technologies today. If your business invests in certain ...

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4/29/2021
Tax Advantages of Hiring Your Child at Your Small Business Image
Tax Advantages of Hiring Your Child at Your Small Business

Thinking about hiring your teenager to work in your business? There can be significant tax benefits.

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4/8/2021
PPP Application Deadline Extended Image
PPP Application Deadline Extended

Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the...

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4/1/2021
Extended tax filing deadline provides relief to individual taxpayers and the IRS Image
Extended tax filing deadline provides relief to individual taxpayers and the IRS

The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended f...

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3/24/2021
If You Run a Business From Home, You Could Qualify for Home Office Deductions Image
If You Run a Business From Home, You Could Qualify for Home Office Deductions

Business owners may be able to save tax with home office deductions. If you’re working from home (like lots of ...

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3/11/2021
What Are the Tax Implications of Buying or Selling a Business? Image
What Are the Tax Implications of Buying or Selling a Business?

Buying or selling a business may be the largest transaction you’ll ever make. Pay attention to taxes. After a d...

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3/4/2021
Many Tax Amounts Affecting Businesses Have Increased for 2021 Image
Many Tax Amounts Affecting Businesses Have Increased for 2021

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they co...

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2/25/2021
The Cents-per-Mile Rate for Business Miles Decreases Again for 2021 Image
The Cents-per-Mile Rate for Business Miles Decreases Again for 2021

The price of gas is down from a year ago. How does this affect the amount your business can deduct for business drivi...

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2/18/2021
The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon Image
The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon

A filing requirement is coming up if your business pays independent contractors or makes other payments.

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2/11/2021
PPP Loans Have Reopened: Let’s Review the Tax Consequences Image
PPP Loans Have Reopened: Let’s Review the Tax Consequences

Businesses that have been hit hard by the COVID-19 may be able to obtain help with PPP loans. Here are the basic rule...

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2/4/2021
Can Your Business Benefit From the Enhanced Employee Retention Tax Credit? Image
Can Your Business Benefit From the Enhanced Employee Retention Tax Credit?

The Employee Retention Tax Credit rewards employers that can afford to keep workers on the payroll during the COVID-1...

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1/28/2021
What Have We Learned? Image
What Have We Learned?

This year, many businesses were affected by the pandemic. Here are some things we have learned.

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12/22/2020
Small Businesses: Cash in On Depreciation Tax Savers Image
Small Businesses: Cash in On Depreciation Tax Savers

Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take...

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12/15/2020
The Importance of S-Corporation Basis and Distribution Elections Image
The Importance of S-Corporation Basis and Distribution Elections

Do you operate your business as an S-Corp? Be aware that several elections are available to you and your shareholders...

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12/10/2020
The 2021
The 2021 "Social Security Wage Base" Is Increasing

Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The SSA ...

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11/19/2020
Year-End Tax Planning for 2021 Image
Year-End Tax Planning for 2021

We asked our tax professionals for a few suggestions on how to get organized and prepare for 2021. Here they are...

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11/3/2020
Understanding the Passive Activity Loss Rules Image
Understanding the Passive Activity Loss Rules

The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.

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10/29/2020
The Easiest Way to Survive an IRS Audit is to Get Ready in Advance Image
The Easiest Way to Survive an IRS Audit is to Get Ready in Advance

The more you know about IRS audits, the better you can fare when that letter arrives in the mail. 

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10/22/2020
The Tax Rules for Deducting the Computer Software Costs of Your Business Image
The Tax Rules for Deducting the Computer Software Costs of Your Business

The tax rules for treating computer software costs can be complex. Here’s a basic explanation.

Business Website Costs for Tax Purposes Image
Business Website Costs for Tax Purposes

Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Her...

2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers Image
2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

With fall's arrival, it’s time for businesses to start thinking about fourth quarter tax deadlines.

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9/23/2020
Private Foundations Need Strong Conflict-of-Interest Policies Image
Private Foundations Need Strong Conflict-of-Interest Policies

Even if your private foundation has good intentions, it may not be enough. You need a conflict-of-interest policy to ...

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9/21/2020
Employers Have Questions and Concerns About Deferring Employees' Social Security Taxes Image
Employers Have Questions and Concerns About Deferring Employees' Social Security Taxes

The IRS has issued guidance to implement the deferral of the employee share of SS tax, but employers still have quest...

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9/17/2020
5 Key Points About Bonus Depreciation Image
5 Key Points About Bonus Depreciation

Depreciating assets involves a complex area of tax law; here’s a rundown:

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9/9/2020
The Possible Tax Consequences of PPP Loans Image
The Possible Tax Consequences of PPP Loans

If your business received a PPP Loan, you should be aware of the potential tax implications.

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8/20/2020
How to Codify Your Nonprofit's Ethics Image
How to Codify Your Nonprofit's Ethics

Nonprofits that enforce a "code of ethical conduct" are associated with 50% lower fraud losses. Get started here...

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8/18/2020
Why Do Partners Sometimes Report More Income on Tax Returns than They Receive in Cash? Image
Why Do Partners Sometimes Report More Income on Tax Returns than They Receive in Cash?

In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships....

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7/30/2020
Even If No Money Changes Hands, Bartering Is A Taxable Transaction Image
Even If No Money Changes Hands, Bartering Is A Taxable Transaction

Bartering is popular during times of economic downturns, which many businesses are suffering now due to COVID-19...

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7/23/2020
Businesses: Get Ready for the New Form 1099-NEC Image
Businesses: Get Ready for the New Form 1099-NEC

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...

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7/14/2020
Steer Clear of the Trust Fund Recovery Penalty Image
Steer Clear of the Trust Fund Recovery Penalty

The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and ma...

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7/6/2020
Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill. Image
Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill.

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment ...

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7/1/2020
Realistic Timelines

Global economic disruption uniquely affects each business.

CARES Act: Funding and Employment Retention Provisions Image
CARES Act: Funding and Employment Retention Provisions

CARES Act - Funding and Employment Retention Provisions

The Tax Implications of a Company Car

What are the benefits of using the company car?

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11/14/2019
Winston Churchill and the Tax Affecting of Pass-Through Entities

This article is as close as it gets in the valuation world to the “Extra, Extra… Read all about it&...

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8/29/2019
Does the Wayfair Decision Affect You?

The criteria and precedent used to determine sales tax liability has changed. Will this change affect your business' ...

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2/7/2019
SALES AND USE TAX ECONOMIC NEXUS: ANALYSIS OF STATE THRESHOLDS

A brief summary of each state's economic nexus thresholds

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1/23/2019
The Qualified Business Income Deduction in a Nutshell

The new Qualified Business Income Deduction is one of the more complex proposed changes in the Tax Cuts and Jobs Act,...

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1/14/2019
How a REIT Can Benefit From a Cost Segregation Study

Many REITs are eligible to implement a tax strategy known as cost segregation. Unfortunately, misinformation has left...

Are Your Business Expenses Deductible Under New Tax Law? Image
Are Your Business Expenses Deductible Under New Tax Law?

The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many ...

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11/28/2018
Tax Law Changes for Nonprofits

Which parts of the recent tax reform have the greatest impact on not-for-profit organizations?

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11/7/2018
"Can’t You See This is The Land of Confusion": Uncertainty and the Tax Cuts and Jobs Act

While it remains the case that the lower corporate tax rates for C corporations increase cash flows and therefore pot...

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2/3/2018
THE TAX CUTS AND JOBS ACT: Changes to Itemized Deductions

Part 2 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017.

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1/19/2018
THE TAX CUTS AND JOBS ACT: 30 Ways The Act May Affect You And Your Business

A summary of the most widely applicable points of the tax reform passed in December 2017.

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1/19/2018
THE TAX CUTS AND JOBS ACT: Changes to Business Taxation

Part 3 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017.

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1/19/2018
THE TAX CUTS AND JOBS ACT: Changes to Individual Taxation

Part 1 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017. 

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1/19/2018
Did Singing Auld Lang Syne Increase Company Valuations?

The Impact of New Tax Law on Valuations

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1/13/2018
Robert Burke Promoted to Tax Supervisor

WEC is pleased to announce the promotion of Robert O. Burke from Senior Accountant to Supervisor.

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7/29/2016
UBIT: How it Applies to Debt-Financed Property

If a tax-exempt organization engages in a business that is unrelated to its primary purpose, the general rule is that...

Threatening Calls from the IRS Might be a Scam

BEWARE - Taxpayers are receiving telephone calls from people claiming to be from the IRS, but they are not. These con...

EBITDA and Fair Market Value

One of the main differences between the world of real life transactions and the fair market value world is the way th...

Four Reasons Why Already-Dismal IRS Service is about to Get Much Worse

Few, if any, of us enjoy dealing with the IRS. Often polled as America’s most hated federal agency, the agency&...

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11/25/2014
Charitable Donation of a Vehicle

A Brief Overview of Frequently Asked Questions

Does Your Organization Have Unrelated Business Income?

Even though an organization is recognized as tax-exempt, it still may be liable for tax on its unrelated business tax...

Publication Advertising: What is Taxable?

Many tax-exempt organizations publish magazines or other periodicals that contain editorial material related to the o...

Royalties and Sponsorship Payments: Are They Tax Exempt?

Many tax-exempt organizations allow for-profit entities to use the organization's name or logo to market goods and se...

Robert Burke Promoted to Senior Tax Accountant

WEC is pleased to announce the promotion of Robert O. Burke from Tax Staff Accountant to Tax Senior.

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7/1/2014
State credit programs advantageous for nonprofits and low-income individuals

Board Members of nonprofit organizations - or those responsible for the financial well-being of one - should become f...

When to File an Estate Return Under New Law

The American Taxpayer Relief Act that became law on Jan. 2, 2013, changed the landscape of when an estate tax return ...

Non-Profit to For-Profit: Some Organizations Are Making the Switch

As a nonprofit organization, you hold coveted IRS tax-exempt status, can accept grants and donations, and enjoy the p...

How Will the New Repairs Regulations Affect Your Company?

The characterization of expenditures relating to fixed assets (tangible property) has been a challenge since the ince...

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2/25/2013
Fiscal Cliff Legislation: How Tax Changes in the Act May Affect You

As the New Year's ball worked its way down its 141-foot drop in the seconds leading up to midnight on December 31, ma...

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1/13/2013
American Taxpayer Relief Act

After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire dr...

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1/11/2013
Research And Development Tax Credit

Every taxpayer wants to reduce his/her tax liability, and if you are involved in qualified research activities, the R...

2012-2013 Tax Planning

Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative. The following taxes may...

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9/28/2012
Tax Ramifications of Health Care Reform

The Supreme Court upheld President Obama's signature health care reform in a 5-4 decision on June 28, 2012.  Beg...

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7/8/2012
Returning Heroes & Wounded Warriors Tax Credit

The Returning Heroes and Wounded Warriors Work Opportunity Tax Credit is an extension of the Work Credit available fo...

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6/22/2012
3 Ways a Cost Segregation Study Can Help You

A cost segregation study can help you maximize tax savings and increase cash fl ows on
your future, current...

‘Look-Through’ Lowdown

We all know how important it is to understand how tax laws affect the day to day operations of a construction busines...

Contractors Must Know All Accounting Options

Construction companies face an imposingly complex choice when it comes to their accounting methods. Because no two pr...