IRS Dirty Dozen Part 1 – CRAT & Foreign Pension Arrangement Scams
The IRS has released its Dirty Dozen list for 2022. Compiled annually, the Dirty Dozen is a list of the top tax scams and schemes that fraudsters use to steal […]
Category: Tax
Businesses: Prepare for the Lower 1099-K Filing Threshold
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be […]
7 Midyear Tax-reduction Strategies for Manufacturers
As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although […]
Inflation Enhances the 2023 Amounts for Health Savings Accounts
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
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
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
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
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
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
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
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 […]
