Tax Archives - Page 5 of 31 - HW&Co. CPAs and Advisors

Update on IRS Efforts to Combat Questionable Employee Retention Tax Credit (ERTC) Claims

By: David M. Reape

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the […]

Should Your Business Offer the New Emergency Savings Accounts to Employees?

By: James Reynolds

As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became […]

Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive

By: James Reynolds

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-Free Treatment for Eligible Stock Gains QSBCs are the same as garden-variety C corporations […]

Defer a Current Tax Bill With a Like-Kind Exchange

By: David M. Reape

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” […]

The Standard Business Mileage Rate Will Be Going Up Slightly in 2024

By: David M. Reape

In 2024, the optional standard mileage rate used to determine the deductible cost of operating a business automobile will increase by 1.5 cents per mile. According to the IRS, the […]

2024 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

By: David M. Reape

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may […]

Standard Mileage Rates for 2024

The Internal Revenue Service has issued the 2024 optional standard mileage rates. These rates are used to determine the deductible expenses associated with driving a car for work, charity, relocation, […]

Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks

By: David M. Reape

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s […]

A Company Car Is a Valuable Perk But Don’t Forget About Taxes

By: David M. Reape

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer […]

IRS, Security Summit Kick Off 2023 National Tax Security Awareness Week

On November 27th, the Security Summit – a coalition of the Internal Revenue Service (IRS), state tax agencies, and the professional tax community, launched the 8th National Tax Security Awareness […]

There Still May Be Time to Reduce Your Small Business 2023 Tax Bill

By: Ed Decker

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take […]

Key 2024 inflation-adjusted tax parameters for small businesses and their owners

By: David M. Reape

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets […]

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