General Tax

Categories

Research Tax Credit

June 16, 2022

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.

Estimated Tax Payment

June 7, 2022

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.

Partnership Taxation

June 7, 2022

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.

New 1099-K Filing Threshold

May 17, 2022

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.

R&D Expense Changes

May 11, 2022

New Federal tax law changes are set to take place that could significantly increase the tax liabilities for companies that take part in research and development (R&D) activities.

Information Return Notice from IRS

May 2, 2022

If your business files 1099 returns for independent contractors, you possibly may receive an information return notice from the IRS. The IRS mails these notices twice a year to businesses and other payers that filed certain returns with information that doesn’t match the agency’s records.

Adding a New Partner?

April 21, 2022

Adding a new partner in a partnership has several financial and legal implications that need to be addressed.

C-Corporation to S-Corporation

April 11, 2022

Should you switch from a C-Corporation to S-Corporation? If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.

Business Meal Deduction

April 4, 2022

Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022.

Maybe Accelerate and Defer?

March 28, 2022

Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer? And why would you want to?

First-Year Bonus Depreciation for Manufacturers

March 16, 2022

Many companies purchase qualified property and then take advantage of the powerful first-year bonus depreciation for manufacturers. These tax write-offs can benefit a manufacturer's cash flow, but claiming them isn't always the best decision.

Manufacturers Need Healthy Cash Flow

March 2, 2022

Manufacturers need healthy cash flow to help survive tough times and prosper during better times. Every manufacturer is different, so the right cash flow strategies depend on your situation. Let’s take a look at several strategies that might be right for your manufacturing company.

Spouse’s Travel Costs

February 22, 2022

Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee. This requirement prevents tax deductibility in most cases.

Withdraw Cash from Company

February 16, 2022

The simplest way to withdraw cash from closely-held corporations is to distribute the cash as a dividend. However, this isn't tax-efficient because it is taxable to you to the extent of your corporation's "earnings and profits," It is also not deductible by the corporation. But, there are alternate methods.

Sole Proprietor Tax Issues

February 11, 2022

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.