Possible tax consequences of guaranteeing a loan to your corporation By: Ed Decker 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 of a debt obligation of […]
Large cash transactions with your business must be reported to the IRS By: David M. Reape If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in […]
Ohio 2021 Sales Tax Holiday The state of Ohio will have its annual, back-to-school sales tax holiday from Friday, August 6th, 2021 at 12:00am until Sunday, August 8th, 2021 at 11:59 pm. The sales tax […]
Is an LLC the right choice for your small business? By: David M. Reape 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 you are launching a new […]
The deductibility of corporate expenses covered by officers or shareholders By: David M. Reape 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 nondeductible both by an officer […]
How start-up expenses are handled on your tax return By: David M. Reape Entrepreneurs often don’t know that many of the start-up expenses incurred can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can […]
Can my small business can be hit with the “Trust Fund Recovery Penalty?” By: David M. Reape There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” […]
The IRS Dirty Dozen 2021 – Part 3 Yesterday, we presented the 2nd installment of the IRS’ Dirty Dozen 2021, revealing scams that use email, text, social media messages, or phone calls to get personal information, with the […]
The IRS Dirty Dozen 2021 – Part 2 Yesterday we introduced the first installment of the IRS’ Dirty Dozen — its annual list of the top tax scams that victimize many unsuspecting people. We feel it’s important to […]
Money Made from a Hobby MAY be Taxable Many people are engaged in hobby activities that are also a source of income. For example, some people started selling masks and other handmade items during the pandemic. These people […]
The IRS Dirty Dozen – 2021 At HW&Co., we believe that a conversation can change everything. Talking about an issue can bring understanding; discussing a risk can help to avoid it. In that vein, let’s talk […]
Claim the Employee Retention Tax Credit By: Tony LaNasa The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a […]