David Reape CPA Archives - Page 7 of 19 - HW&Co. CPAs and Advisors

What Local Transportation Costs Can Your Business Deduct?

By: David M. Reape

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” […]

Taxpayers Affected by Hurricane Ian Receive Tax Relief

By: David M. Reape

The IRS announced that hurricane-impacted taxpayers in Florida, North Carolina, and South Carolina will receive tax relief as part of the disaster declaration issued by the Federal Emergency Management Agency […]

Worried About an IRS Audit? Prepare in Advance

By: David M. Reape

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, […]

Work Opportunity Tax Credit Provides Help to Employers

By: David M. Reape

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available […]

Improperly Forgiven Paycheck Protection Program Loans Are Taxable

By: David M. Reape

The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon […]

2022 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 2022. Keep in mind that this list isn’t all-inclusive, so there may […]

Year-End Planning Ideas for Your Small Business Taxes

By: David M. Reape

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard […]

Inflation Reduction Act Provisions of Interest to Small Businesses

By: David M. Reape

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media […]

Why an LLC Might be the Best Choice of Entity for Your Business

By: David M. Reape

The business entity you choose can affect your taxes, personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be […]

How to Treat Business Website Costs for Tax Purposes

By: David M. Reape

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility […]

Three Tax Breaks for Small Businesses

By: David M. Reape

Bigger isn’t always better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018 […]

Even if you close your business, you may still have tax obligations

By: David M. Reape

Many businesses were forced to shut down recently due to the pandemic and the economy. A business must file a final income tax return and some other related forms for […]

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