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Bonus Depreciation Phase-Out

January 17, 2023

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.

Learn to Love Delegation

January 13, 2023

To best serve your nonprofit and its constituents, you must practice the art of delegation and even perfectionists can learn to love delegation.

Deducting Software Costs

January 9, 2023

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.

2023 HSA Limits

January 5, 2023

HSAs have complex rules, but offer a flexible option for providing health care coverage and they may be an attractive benefit for your business.

Sale of Business Property

January 5, 2023

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.

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.

Manufacturing Tax Laws in Limbo

January 5, 2023

Barring further legislation, certain manufacturing tax laws are in limbo, as key provisions have expired or have begun to phase out. Here are three that could have a significant impact on your company.

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.

Conduct Productive Employee Reviews in Manufacturing

December 15, 2022

Year-end is the traditional time when manufacturers and other business entities conduct productive employee performance reviews. Unfortunately, reviews are often done as quickly as possible, with little thought given to providing the type of feedback to employees that will ultimately help the company achieve its strategic goals.

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.

Selling a Manufacturing Business

December 1, 2022

The tax implications when selling a manufacturing business can impact your tax bill and therefore, your net proceeds from the sale.

Review of Buy-Sell Agreement

November 30, 2022

Manufacturers need to conduct a periodic review of their buy-sell agreement and modify its language to reflect changing circumstances.

Hiring Military Veterans

November 29, 2022

If your not-for-profit is looking for workers, you might want to consider hiring military veterans. This demographic can have a harder time finding civilian jobs, and tax breaks may be available for employers who hire them.