General Tax

Categories

Deducting Website Costs

August 10, 2022

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.

Multi-State Taxation

August 1, 2022

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.

Going Out of Business Tax Obligations

July 12, 2022

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.

Dividends-Received Deduction

June 20, 2022

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

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.