Partnership – Page 7 – The Burns Firm – Advisors of Complex Financial Matters

Get Up and Running After a Disaster

December 19th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, Services, Tax, Tax Planning|Tags: business interruption, business interruption formula, CPA, disasters and your business, flooding and your business, hurrican destroys business, natural disaster and your business, Planning, planning for a disaster, recovering from a flood, recovering from a hurricane, tax, The Burns Firm|

If your business is hit by a hurricane, windstorm, blizzard, or other natural disaster, or if it falls victim to arson or terrorism, you might have to close up shop [...]

Employers: IRS Updates Business Travel Per Diems

December 17th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: CPA, deductions, expenses, IRS update to travel per diems, tax, tax return preparation, TCJA, The Burns Firm CPA's, travel per diems|

Under current tax law, employees aren't allowed to claim miscellaneous itemized deductions — including unreimbursed business expenses — on their personal tax returns for 2018 through 2025. So, it may [...]

2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

December 11th, 2018|Categories: Accounting, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 business deadlines, business tax return, CPA, Q1, tax, tax deadlines for Q1 of 2019, tax return, TCJA, The Burns Firm|

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]

Squeeze More Out of a Company SEP

November 27th, 2018|Categories: Burns Firm, Business, C Corporation, Partnership, Retirement Plan, S Corporation, Services, Tax, Tax Credits, Tax Planning, TCJA|Tags: CPA. TCJA, Retirement, SEP, tax, Tax planning, tax returns, The Burns Firm|

If you want a retirement plan for your small company or self-employed business -- but you don't want to be buried in paperwork -- consider a simplified employee pension plan [...]

Employee Fringe Benefit Changes for 2018

November 27th, 2018|Categories: Burns Firm, Business, Partnership, S Corporation, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Return, TCJA|Tags: CPA, employee benefits, fringe benefits, tax changes to fringe benefits, TCJA, The Burns Firm|

Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability

November 13th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: business assets, buys business assets to reduce tax liability, CPA, section 179 expensing, tax, Tax planning, The Burns Firm, year-end planning|

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase [...]

Tax-free Fringe Benefits Help Small Businesses and Their Employees

October 18th, 2018|Categories: Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: CPA, employee fringe benefits, fringe benefits, tax, tax-free fringe benefits, TCJA, The Burns Firm CPA's|

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free [...]

Calculating Deductions for Business Interest Expense

October 2nd, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax|Tags: business interest deductions, calcualting deductions for business, tax, TCJA, The Burns Firm|

One of the most complicated provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation on deductions for business interest expense. At face value, this limitation seems [...]

Tax Reform: Which Changes Are Temporary vs. Permanent?

September 28th, 2018|Categories: Accounting, Burns Firm, C Corporation, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 tax year tax changes, changes to 2018 tax return filing, CPA, tax, Tax changes, TCJA, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it's sometimes hard to keep track of which changes are permanent [...]

2018 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

June 19th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Planning, Tax Preparation, TCJA|Tags: 2018 tax planning, Accounting, deadline, employer tax deadline, employertaxdeadlines, Q3 deadlines, Q3 employer deadline, Q3 tax deadlines for business, Q3taxdeadlinesforbusinesses, tax, The Burns Firm|

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be [...]

How Accountable is Your Business?

June 12th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, TCJA|Tags: 2018 tax planning, accountable, accountable plan, accountableplan, Accounting, business-related expenses, business-relatedexpenses, C corp, car, deductions, Employees, exemptions, expense, IRS, payroll, payroll tax, payroll withholding, payrolltax, payrollwithholding, Planning, tax, Tax planning, TCJA, The Burns Firm|

Do Employers Have to Compensate Hourly Technicians for Travel Time?

May 22nd, 2018|Categories: Accounting, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax|Tags: business, compensation, Employees, employer reimbursement to employess, exemptions, expense, Planning, reimbursement for travel, technicians travel time, The Burns Firm, Travel compensation|

The U.S. Department of Labor's (DOL) Wage and Hour Division (WHD) has issued a new Opinion Letter on whether employers must compensate employees for travel time. These letters are issued [...]

Get started on 2018 tax planning now!

May 8th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Partnership, Retirement Plan, S Corporation, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 tax planning, Accounting, business, C corp, Denis Burns, expense, IRS, Planning, Retirement, tax, Tax planning, tax return, TCJA, The Burns Firm|

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be [...]

Stakeholders and Your Business

May 3rd, 2018|Categories: Accounting, Burns Firm, C Corporation, Partnership, S Corporation, Services, Tax|Tags: Accounting, business, Denis Burns, Stakeholders, stakeholdersandyourbusiness, The Burns Firm|

Long ago business owners believed that as long as they served their customers effectively and made sure that their stock maintained or increased its value, all was taken care of. [...]

Tax Document Retention Guidelines for Small Businesses

May 1st, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Countdown to Transition, EBITDA, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: Accounting, Acquisition, business, Buying a business, expense, Merger, merging businesses, payroll, payroll tax, Planning, Sell a business, Selling, Selling a business, tax, TCJA, The Burns Firm, The Burns Firm Venture Partners|

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting [...]