The tax implications of a company car By: David M. Reape The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as […]
What to do if your business receives a “no-match” letter By: David M. Reape In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if […]
The IRS is targeting business transactions in bitcoin and other virtual currencies By: David M. Reape Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and how to report transactions on […]
Substantial Nexus and Marketplace Facilitator Changes By: David M. Reape The Ohio General Assembly recently passed Am. Sub. H.B. 166, the biennial budget bill, which contains new substantial nexus provisions as well as “marketplace facilitator” statutes. Those statutory changes take […]
Ohio Tax Holiday The end of summer is quickly approaching, which means its time back to school shopping. For the fifth year, the state of Ohio will be offering a tax holiday. This […]
Good tax planning includes good record keeping By: David M. Reape 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 […]
Businesses can utilize the same information IRS auditors use to examine tax returns By: David M. Reape 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 By: David M. Reape 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 By: Kate Protsenko-Blake CPA 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 By: David M. Reape 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? By: Ed Decker 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 By: David M. Reape 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 […]