David Reape CPA Archives - Page 11 of 20 - HW&Co. CPAs and Advisors

IRS Tax Tip: Depreciation of Property Deductions for Small Business Owners

By: David M. Reape

The IRS issued Tax Tip 2021-173, which addresses the depreciation of property deductions for small business owners. Depreciable property includes vehicles, buildings, equipment, machinery, and furniture; it does not include […]

Infrastructure Law Sunsets Employee Retention Credit (ERC) Early

By: David M. Reape

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. […]

Businesses Can Show Appreciation — And Gain Tax Breaks — With Holiday Gifts and Parties

By: David M. Reape

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers […]

IRS Announces Increase to 401(k) Plan Limits for 2022

By: David M. Reape

The IRS announced on November 4th that employee 401(k) contributions for 2022 will rise to $20,500 from $19,500. Additionally, plan participants who are 50 or older can contribute an extra […]

Employers: The Social Security Wage Base is Increasing in 2022

By: David M. Reape

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income […]

Get Your Piece of the Depreciation Pie Now With a Cost Segregation Study

By: David M. Reape

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow […]

New Per Diem Business Travel Rates Became Effective on October 1

By: David M. Reape

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” travel rates that became effective October 1, […]

2021 Q4 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 fourth quarter (Q4) of 2021. Keep in mind that this list isn’t all-inclusive, so there […]

M&A transactions: Be careful when reporting to the IRS

By: David M. Reape

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports […]

Tax breaks to consider during National Small Business Week

By: David M. Reape

3 Tax Breaks The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to […]

Claiming a theft loss deduction if your business is the victim of embezzlement

By: David M. Reape

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have […]

Want to find out what IRS auditors know about your business industry?

By: David M. Reape

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques […]

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