News

For Small Businesses: Advice for Owners of Closely Held Corporations

November 19, 2020

Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.

For Small Businesses: Health Savings Account Basics

November 16, 2020

Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here’s a review at what an HSA could mean for your business, as well as the relevant inflation-adjusted amounts for 2020 and 2021.

For Small Businesses: If You're Closing Amid the Pandemic

November 13, 2020

There are a number of tax obligations that must be met when a business closes its doors. Sadly, because of COVID-19, many businesses are facing this reality. Here are the basic requirements.

Client Letter Re: Paycheck Protection Program

November 2, 2020

As we prepare to move forward, we would like to take a moment to carefully consider the impact of the PPP Loans that many companies acquired during 2020. There are two main items that should be addressed thoughtfully: the forgiveness process and tax planning.

For Small Businesses: New Business? It's a Good Time to Start a Retirement Plan

October 27, 2020

Entrepreneurs: Don’t ignore saving for retirement. Here are the basics of tax-favored plans to help build your nest egg.

For Small Businesses: Understanding the Passive Activity Loss Rules

October 27, 2020

The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.

For Small Businesses: The 2021 "Social Security Wage Base" is Increasing

October 27, 2020

Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just announced the base amount for 2021.

For Small Businesses: What Tax Records Can You Toss?

October 22, 2020

Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.

For Small Businesses: To Survive at IRS Audit, Get Ready

October 12, 2020

Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.

For Small Businesses: On Deducting Computer Software Costs

October 1, 2020

The tax rules for treating computer software costs can be complex. Here’s a basic explanation.

For Small Businesses: How to Handle Website Costs for Tax Purposes

September 23, 2020

Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Here are the general rules.

For Small Businesses: 2020 Q4 Tax Calendar

September 15, 2020

With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.

For Small Businesses: About Deferring Employees' SS Taxes

September 14, 2020

The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.

For Small Businesses: 5 Key Points About Bonus Depreciation

September 3, 2020

Depreciating assets involves a complex area of tax law with implications for transactions other than simple asset acquisitions. Here’s a rundown of some important points about 100% bonus depreciation.

For Small Businesses: CARES Act Made Changes to Excess Business Losses

August 26, 2020

If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses.

For Small Businesses: On the President's Action to Defer Payroll Taxes

August 20, 2020

You may have heard the President has taken executive action to defer the employee portion of some workers’ Social Security taxes. Here’s a look at the issue.

For Small Businesses: The Possible Tax Consequences of PPP Loans

August 20, 2020

Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.

For Small Businesses: On Filing Cash Transaction Reports

August 4, 2020

If your business receives large cash or “cash equivalent” payments, you may have to report the transactions to the IRS - on paper or electronically. Here are the details.

For Small Businesses: Why Some Partners Report More Income Than They Receive

July 27, 2020

Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.

For Small Businesses: Even If No Money Changes Hands, Bartering Is Taxable

July 21, 2020

For hundreds of years, businesses have engaged in bartering. It’s popular during times of economic downturns, which many businesses are suffering now due to COVID-19. But if you trade goods or services, be aware of the tax consequences.

For Small Businesses: Get Ready for the New Form 1099-NEC

July 21, 2020

A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.

For Small Businesses: Avoid the Trust Fund Recovery Penalty

July 11, 2020

The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and managers with employees. Here’s why.

For Small Businesses: If You Haven't Filed, Ways to Chip Away at Your Bill

July 9, 2020

The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn’t been filed yet (or you may be able to take advantage of them on an amended return if you already filed).

Infographic: How to Qualify for the Fed’s New Main Street Lending Program

July 1, 2020

For Small Businesses: About Start-up Expenses on Your Tax Return

July 1, 2020

In the midst of the COVID-19 crisis, some entrepreneurs are kicking off new businesses. Here’s how start-up expenses must be handled on a federal tax return.