Good tax planning includes good record keeping
Tax planning should happen all year long, not just when someone is filing their tax return. A vital part of tax planning is record keeping. Well-organized records make it easier […]
Category: Tax
Businesses can utilize the same information IRS auditors use to examine tax returns
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 into what the IRS is […]
It’s a good time to buy business equipment and other depreciable property
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 claim immediate deductions for qualified […]
M&A transactions: Avoid surprises from the IRS
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 report the transaction to the […]
Bartering: A taxable transaction even if your business exchanges no cash
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 aware that the fair market […]
Which entity is most suitable for your new or existing business?
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 rate for C corporations. Under […]
2019 Q3 tax calendar: Key deadlines for businesses and other employers
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 isn’t all-inclusive, so there may […]
Hiring this summer? You may qualify for a valuable tax credit
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Employers: Beware of a harsh payroll tax penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make […]
Hire your children this summer: Everyone wins
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save […]
Tax Planning Opportunity for Small Manufacturers
The TCJA provides small manufacturers exemptions from the use of full absorption method of inventory costing (§471) and uniform capitalization (§263A). A small manufacturer is any manufacturer with average annual […]
Consider a Roth 401(k) plan — and make sure employees use it
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America […]
