Executive Summaries

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you…

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a…

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects…

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you…

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why…

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those…

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving…

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is…

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be…

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list…

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for…

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a…

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before…

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its…

Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best…

With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings…

Employers offer 401(k) plans for many reasons, including attracting and retaining talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged…

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for…

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost…

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that…

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list…

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special…

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases…

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners…

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal…

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor…

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe…

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being…

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021,…

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list…

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or…

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new businesses. Many of these people start out…

The Right Entity Choice: Should You Convert From a C Corporation to an S Corporation?   The best choice of entity can affect your business…

QBI deduction basics and a year-end tax tip that might help you qualify   If you own a business, you may wonder if you’re eligible…

Cash in on depreciation tax savers   As we approach the end of the year, it’s a good time to think about whether your business…

The importance of S corporation basis and distribution elections   S corporations can provide tax advantages over C corporations in the right circumstances. This is…

Health Savings Accounts forYour Small Business   Small business owners are well aware of the increasing cost of employee health care benefits. As a result,…

Do you want to withdraw cash from your closely held corporation at a low tax cost?   Owners of closely held corporations are often interested…

Tax responsibilities if your business is closing amid the pandemic Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your…

New business? It’s a good time to start a retirement plan If you recently launched a business, you may want to set up a tax-favored retirement…

The 2021 “Social Security wage base” is increasing If your small business is planning for payroll next year, be aware that the “Social Security wage…

Understanding the passive activity loss rules   Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or business…

Business Website Costs: How to Handle Them for Tax Purposes   The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued…

2020 Q4 tax calendar: Key deadlines   Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of…

5 Key Points About Bonus Depreciation   You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying…

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.…

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be…

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses…

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses.…

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax…

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a…

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list…

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as…

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages…

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a…

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings…

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year.…

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper…

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor.…

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a…

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list…

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for…

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal…

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters…

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and…

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on…

The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight…

There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to…

If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties…

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be…

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax…

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list…

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you…

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more.…

Merger and acquisition (M&A) activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s important to…

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2019. Keep in mind that…

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees.…

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s…

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or…

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to…

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed…

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities…

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the…

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that…

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to…

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take…

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six…

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list…

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may…

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity…

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list…

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not…

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home…

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C…

This visually friendly view of the Schedule A will help you understand the changes the new tax law made to the itemized deductions. For questions…

IRS Tax Scam Alert; Protect Your Assets A new breed of criminals is on the prey targeting taxpayer assets. With the many enhancements of technology…