General Tax

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2023 Q1 Tax Deadlines

January 5, 2023

Tax deadlines can be hard to keep on your radar. To help you meet fulfill your filing requirements, here are some of the key tax-related 2023 Q1 tax deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply.

2023 Standard Mileage Rate

January 5, 2023

The IRS recently announced that the 2023 standard business mileage rate for the business use of a car, van, pickup, or panel truck. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

LIFO Inventory Method for S Corporations

January 5, 2023

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?

2023 Social Security Wage Base

December 15, 2022

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “social security wage base” will affect your payroll.

1099 Online Filing Platform

December 8, 2022

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.

Reporting Employee Health Coverage

November 16, 2022

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?

2023 Retirement Plan Limits

November 9, 2022

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.

Navigating Tough Times for Business Owners

November 4, 2022

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

Employees or Independent Contractors

October 31, 2022

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.

2022 Q4 Tax Calendar

September 20, 2022

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.

Saving for the Future

August 11, 2022

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

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