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...
Health Savings Account (HSA) update for employers: If your business offers HSAs, the IRS recently released the 2026 i...
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 ...
If your business is affected by the tariffs, consider implementing these tips to mitigate their impacts.
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 ...
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...
With President-elect Trump, the tax landscape will change in 2025.
The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don...
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 ...
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....
If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business ...
The tax landscape for businesses may change significantly in the near future. That’s because provisions in the ...
The IRS has announced several tax-compliance initiatives that focus on businesses. Here’s a look at three of th...
A financial statement audit provides a detailed, reliable snapshot of a business’s entire operations. But somet...
What are the tax consequences of selling business assets? They can be complex.
Summer is here and tax deadlines are probably the last thing on your mind. But there are some important third-quarter...
An important deadline for quarterly federal estimated tax payments is coming up on June 17. Here are the methods for ...
Time flies when you’re busy running a business. It’s important to pause at midyear and assess interim fin...
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...
Two new federal rules regarding overtime pay and noncompete agreements have recently been adopted.
A meticulous approach to maintaining business records can help protect your tax deductions and make an IRS audit much...
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 deadline to comply with a new U.S. Dept. of Labor rule regarding worker classification is fast approaching. Is yo...
As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the b...
Businesses that file 10 or more information returns must now file them electronically.
Are you contemplating a merger or acquisition in 2024? Comprehensive financial due diligence is the cornerstone of a ...
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...
Is your company’s job-costing system accurate and user friendly? Tracking costs can help identify which project...
The real estate market has been tough recently. But there are still large profits being made on some business propert...
Spread some holiday cheer by giving gifts to employees or customers … or throwing a festive party. But make su...
The IRS is delaying the $600 Form 1099-K reporting threshold for third-party settlement organizations for the 2023 ta...
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...
Certain business owners and some of their employees don’t have to pay Social Security tax on all their wages. A...
IRS examiners use publications called Audit Techniques Guides to prepare for audits in certain industries and those w...
With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year...
You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be o...
The leaves are beginning to turn in some areas so it’s time for businesses to start thinking about year-end tax...
The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and...
Beware of fraudsters hyping the Employee Retention Tax Credit! Not all businesses are eligible despite the claims you...
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 ...
Next year, a new provision kicks in that may allow businesses to help employees in financial emergencies through thei...
Some taxpayers can look forward to receiving transitional relief from the IRS related to the required beginning dates...
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 you do business with virtual currency, it’s time to read up on related tax requirements. The IRS is paying c...
You might want to enjoy the lazy days of summer, but employers and businesses need to make sure not to miss these thi...
With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act.
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...
As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB&rsqu...
Keeping careful business records for meal and vehicle expenses can safeguard your tax deductions. Here are some DOs a...
Do you know the three keys to lowering your company’s working capital requirements?
Does your business provide Health Savings Accounts (HSAs) to employees? The IRS has announced the inflation-adjusted ...
Many organizations use QuickBooks for everyday accounting tasks. But did you know that this software can also functio...
You may have a net operating loss for your business if your deductions for the year are more than your income for the...
Non-GAAP metrics can sometimes mislead investors! That’s why some stakeholders want a formal definition of EBIT...
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...
The federal tax code encourages businesses to invest in historic buildings with a tax credit. Here are the rules.
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...
Does this year’s April 18 filing deadline apply to your business? What additional tax deadlines are there for b...
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...
Is your business ready to implement these upcoming accounting rule changes?
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...
Converting from C corporation to S corporation status could trigger unexpected tax if you use the last in, first out ...
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...
Newly issued rules on how to report supplier finance programs will provide critical information on the financial heal...
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...
Getting contacted by the IRS and told your tax return is being audited may cause business owners to panic. But you'll...
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...
It’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think ...
The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late...
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...
Could the Inflation Reduction Act have unintended financial reporting consequences? Many accounting professionals are...
Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting cont...
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 Build Back Better Act is one step closer to becoming law as it passes the U.S. House.
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.
If you’re concerned about your 2021 tax liability, consider these year-end tax planning strategies.
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 ...
Business owners and their employees don’t have to pay Social Security tax on all their wages. Amounts above a c...
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...
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...
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...
Business applications have increased over the past year, according to the U.S. Census Bureau. If you’re launchi...
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...
If you have children age 17 or under, it’s critical to understand the recent changes made to the child tax cred...
As part of the American Rescue Plan Act enacted in March, significant changes were made to the child tax credit that ...
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 ...
Businesses that provide Health Savings Accounts to employees know they have a variety of benefits. Here are a few of ...
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...
President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an...
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 IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended f...
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...
This year, many businesses were affected by the pandemic. Here are some things we have learned.
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...
Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The SSA ...
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 more you know about IRS audits, the better you can fare when that letter arrives in the mail.
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...
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.
Nonprofits that enforce a "code of ethical conduct" are associated with 50% lower fraud losses. Get started here...
In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships....
Bartering is popular during times of economic downturns, which many businesses are suffering now due to COVID-19...
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 ...
Global economic disruption uniquely affects each business.
CARES Act - Funding and Employment Retention Provisions
What are the benefits of using the company car?
This article is as close as it gets in the valuation world to the “Extra, Extra… Read all about it&...
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?
While it remains the case that the lower corporate tax rates for C corporations increase cash flows and therefore pot...
Part 2 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017.
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.
Part 1 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 Robert O. Burke from Senior Accountant to Supervisor.
If a tax-exempt organization engages in a business that is unrelated to its primary purpose, the general rule is that...
BEWARE - Taxpayers are receiving telephone calls from people claiming to be from the IRS, but they are not. These con...
One of the main differences between the world of real life transactions and the fair market value world is the way th...
Few, if any, of us enjoy dealing with the IRS. Often polled as America’s most hated federal agency, the agency&...
A Brief Overview of Frequently Asked Questions
Even though an organization is recognized as tax-exempt, it still may be liable for tax on its unrelated business tax...
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...
WEC is pleased to announce the promotion of Robert O. Burke from Tax Staff Accountant to Tax Senior.
Board Members of nonprofit organizations - or those responsible for the financial well-being of one - should become f...
The American Taxpayer Relief Act that became law on Jan. 2, 2013, changed the landscape of when an estate tax return ...
As a nonprofit organization, you hold coveted IRS tax-exempt status, can accept grants and donations, and enjoy the p...
The characterization of expenditures relating to fixed assets (tangible property) has been a challenge since the ince...
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...
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 Supreme Court upheld President Obama's signature health care reform in a 5-4 decision on June 28, 2012. Beg...
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...