General Tax

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R&E Expenditure Under Section 174

The Tax Cuts and Jobs Act (TCJA) of 2017 brought about a number of Research and Experimentation (R&E) changes to how R&E expenses are treated under Section 174 of the Internal Revenue Code.
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Bonus Depreciation Phase-Out

100% bonus depreciation is a tax provision that allows businesses to deduct the cost of certain qualifying property in the year it is placed in service rather than having to depreciate the cost over several years. Unfortunately, the 100% bonus depreciation deduction will begin to phase out after 2022.
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Deducting Software Costs

The tax treatment and deducting of software costs can be more complicated than you might think, and the rules depend on whether the software is purchased, leased or developed by your business.
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Sale of Business Property

Tax treatment of the sale of business assets is complex. And, there are many rules that potentially can apply to the sale of business property.
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LIFO Inventory Method for S Corporations

Converting from C corporation to S corporation status could trigger an unexpected tax bill if you use the last in, first out "LIFO" inventory method. Is there anything you can do to lessen the 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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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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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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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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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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Adding a New Partner?

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