David Reape CPA Archives - Page 4 of 19 - HW&Co. CPAs and Advisors

The Social Security Wage Base for Employees and Self-Employed People is Increasing in 2024

By: David M. Reape

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income […]

Business Automobiles: How the Tax Depreciation Rules Work

By: David M. Reape

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply […]

How IRS Auditors Learn About Your Business Industry

By: David M. Reape

Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS […]

What Types of Expenses Can’t Be Written Off by Your Business?

By: David M. Reape

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax […]

2023 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 of 2023. Keep in mind that this list isn’t all-inclusive, so there may […]

It’s Important to Understand How Taxes Factor into an M&A Transaction

By: David M. Reape

In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the […]

Update on Depreciating Business Assets

By: David M. Reape

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments […]

Divorcing Business Owners Should Pay Attention to Tax Consequences

By: David M. Reape

If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership […]

Receive More Than $10,000 in Cash at Your Business? Here’s What You Must Do

By: David M. Reape

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax […]

Nonprofits: Special Events Call for Tax Planning

By: David M. Reape

Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to […]

Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally?

By: David M. Reape

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an […]

Starting a Business? How Expenses Will Be Treated on Your Tax Return

By: David M. Reape

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly […]

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