Tax Planning for a Small Business
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years. [...]
Fraud Alert: Have You Heard About New Vishing Attacks?
For years, businesses and individuals have had to worry about so-called "phishing" scams sent via email or text. These cyberattacks are designed to hook unsuspecting victims into revealing sensitive information. [...]
Like-Kind Exchanges: New Proposed IRS Regs Define Real Property
The IRS has issued new proposed regulations that define what constitutes real property to determine eligibility for tax-deferred Section 1031 "like-kind" exchanges. Importantly, the proposed regs allow personal property that's [...]
How to Save Taxes in 2020 and Beyond
It's time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year end. Gaming [...]
CARES Act Changes Rules for NOL Carrybacks and QIP
Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks [...]
Home Office Deductions in the Covid-19 Era
Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by [...]
Small Businesses: Are First-Year Depreciation Write-Offs Right for You?
Under today's federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. [...]
Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance [...]
Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]
The Possible Tax Consequences of PPP Loans
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax [...]
The Tax Implications of Employer-Provided Life Insurance
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for [...]
Businesses: Get Ready For the New Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment [...]
5 Mid-Year Tax Planning Ideas for Small Business Owners
The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income [...]
Changes to Retirement Plans Due to Covid-19
Information from IRS.gov Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020. [...]
Is Your Company Facing a Cash Flow Crunch?
Cash flow is always an important element in the smooth and successful operation of your business and is particularly key in meeting opportunities and demands. Generating sales and managing operations [...]