Tax Archives - Page 4 of 31 - HW&Co. CPAs and Advisors

IRS Dirty Dozen Part 1 – 2024 Campaign Kicks Off With Warnings About Phishing, Smishing, and ERC Scams

For over two decades, the IRS has issued the “Dirty Dozen,” an annual list of common tax scams and abusive tax avoidance arrangements that expose taxpayers to the risk of losing personal information, data, […]

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

By: David M. Reape

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

Coordinating Sec. 179 Tax Deductions With Bonus Depreciation

By: David M. Reape

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation […]

IRS: Personal Expenses for General Health and Wellness Are Not Reimbursable Under Health FSAs, HRAs, HSAs, or MSAs

The Internal Revenue Service recently issued a news release cautioning taxpayers and health spending plan administrators that personal expenses for general health and wellbeing do not count as medical expenses for tax […]

Nonprofits: Take Another Look at Inflation Reduction Act Tax Breaks

By: Helen Weeber

When the Inflation Reduction Act (IRA) became law in late 2022, you might have assumed that the tax breaks it contained wouldn’t affect your tax-exempt organization. That’s not the case. […]

Bartering Is a Taxable Transaction Even If No Cash Is Exchanged

By: David M. Reape

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — […]

BOI Reporting Update & SCAM Alert!

By: Susan Kornatowski

Most small businesses in the US must now report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCen), or face noncompliance penalties. Those who have an ownership […]

Better Tax Break When Applying the Research Credit Against Payroll Taxes

By: David M. Reape

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit […]

Taking Your Spouse on a Business Trip? Can You Write Off the Costs?

By: David M. Reape

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to […]

What’s the Best Accounting Method Route for Business Tax Purposes?

By: David M. Reape

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method […]

9 Tax Considerations If You’re Starting a Business as a Sole Proprietor

By: David M. Reape

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here […]

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 […]

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