Tax Archives - Page 14 of 31 - HW&Co. CPAs and Advisors

Inflation Enhances the 2023 Amounts for Health Savings Accounts

By: David M. Reape

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSA). High inflation rates will result in next year’s amounts being increased more than they have […]

Businesses May Receive Notices About Information Returns that Don’t Match IRS Records

By: David M. Reape

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed information returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices […]

Ohio 2022 Sales Tax Holiday

The state of Ohio will have its annual back-to-school sales tax holiday from Friday, August 5th, 2022 at 12:00 am until Sunday, August 7th, 2022 at 11:59 pm. The sales […]

Tax Mechanics Involved in the Sale of Trade or Business Property

By: David M. Reape

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to […]

Tax Considerations When Adding a New Partner to Your Business

By: Brian Palisin

Adding a new partner to a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will […]

S Corporation Vs. LLC: The Way a Manufacturing Company Is Structured Affects Taxes and More

By: Cheryl Lanese

For decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation of C corporations. However, […]

Fully Deduct Business Meals this Year

By: David M. Reape

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual meal deduction […]

2022 Q2 Tax Calendar: Key Deadlines for Businesses & Other Employers

By: David M. Reape

Q2 Tax Calendar Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this Q2 […]

Ways Your Business can Accelerate Taxable Income and Defer Deductions

By: David M. Reape

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why […]

IRS Provides Clarification Related to Employee Retention Credits

By: Tony LaNasa

The Internal Revenue Service (IRS) has provided guidance to clarify uncertainties related to the Employee Retention Credit (ERC), which was originally set to expire on Jan. 1, 2022, but was […]

Establish a Tax-Favored Retirement Plan

By: Mary Eileen Vitale CPA CFP AEP

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, […]

Does Your Business Barter? Here are Some Facts You Should Know

By: David M. Reape

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering […]

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