General Tax

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1099 Online Filing Platform

The IRS has created a new 1099 online filing platform called the Information Returns Intake System (IRIS) that will allow taxpayers to electronically file Form 1099 series at no cost.  The IRIS platform is scheduled to open on January 9, 2023.
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Reporting Employee Health Coverage

Certain employers have the requirement of reporting employee health coverage. Do you know if your business has to comply, and if so, what must be done?
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2023 Retirement Plan Limits

The IRS has released the 2023 retirement plan limits.  Tax year 2023 will contain a significant increase in contribution limits for employees participating in a 401(k) plan.
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Navigating Tough Times for Business Owners

In these difficult economic times, here are some tips on optimizing your business in the professional services industry.
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Employees or Independent Contractors

As an employer, it is important to classify your workers as either employees or independent contractors correctly. Incorrectly classifying workers can have serious legal and financial consequences.
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2022 Q4 Tax Calendar

Here is the 2022 Q4 tax calendar with some key tax-related deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
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Saving for the Future

As your child begins to earn money from a job, it’s a great time to teach them about saving for the future. While a savings account is a great start, an even better opportunity is to open an IRA. With an IRA, your child can invest their hard-earned funds and
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Deducting Website Costs

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on deducting website costs. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs.
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Multi-State Taxation

Manufacturers operating in more than one state may be subject to multi-state taxation. But with proper planning, you can potentially lower your company’s state tax liability.
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Going Out of Business Tax Obligations

Many businesses shut down due to the pandemic and the economy. However, going out of business tax obligations need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.
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Dividends-Received Deduction

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than
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Research Tax Credit

If your small business or start-up is planning to claim the research tax credit, there’s an option to get immediate use of the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits against payroll taxes instead of your income tax.
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Estimated Tax Payment

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.
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Partnership Taxation

Partnership taxation can be puzzling. You may be taxed on more partnership income than was distributed to you in a given year. Why does this happen? It’s due to the way partnerships, and partners are taxed.
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New 1099-K Filing Threshold

This year, there is a new 1099-K filing threshold. Businesses should be aware that they may be responsible for issuing more 2022 information reporting forms because more workers may now fall into the required range of income that has to be reported.
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