News

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.

For Small Businesses: Good Records Are Key

June 21, 2020

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

For Small Businesses: If Riots Damage Your Business

June 16, 2020

Just as many businesses were reopening, riots damaged or destroyed their storefronts, office buildings and property. Insurance may cover some, or all, of the losses but businesses
may also qualify for a tax break.

For Small Businesses: On Business Meal Deductions & Proposed Changes

June 2, 2020

President Trump has proposed increasing the amount that can be deducted for business meal and entertainment expenses. While it’s unclear if a law could pass that would enhance tax
breaks, it’s a good time to review the current rules.

For Small Businesses: IRS Releases 2021 Amounts for HSAs

May 27, 2020

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.

For Small Businesses: Got a PPP Loan? Forgiven Expenses Aren't Deductible

May 20, 2020

If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that
question in new guidance.

For Small Businesses: Charitable Contribution Rules Have Changed Under CARES

May 19, 2020

Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for
enhanced charitable donation deductions.

For Small Businesses: The CARES Act Liberalizes Net Operating Losses

May 6, 2020

The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs). Here’s how.

For Small Businesses: Hiring Independent Contractors?

April 27, 2020

During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear
from the IRS.

For Small Businesses: Changes to "Qualified Improvement Property" Under New Law

April 21, 2020

A drafting error by Congress meant that some improvements to interior parts of nonresidential buildings had to be deducted over 39 years. But a new law that provides COVID-19
relief fixes the error and may result in revenue for eligible businesses.

For Small Businesses: On the CARES Act Employee Retention Tax Credit

April 15, 2020

As a business with employees, you may have questions about the new employee retention tax credit. Here are some answers.

For Small Businesses: Relief From Not Making Employment Tax Deposits

April 15, 2020

The coronavirus (COVID-19) crisis has resulted in unprecedented challenges for employers. Here are the details of some relief from the federal government.

For Small Businesses: New Law Provides More COVID-19 Relief

March 31, 2020

Another coronavirus (COVID-19) law has been enacted and it provides some relief to businesses and employers that are suffering. This article provides some highlights.

For Small Businesses: COVID-19 Tax Relief for You

March 24, 2020

In response to the coronavirus (COVID-19), Congress and the IRS have recently provided tax relief to businesses. Here’s a brief rundown.

For Small Businesses: Determine a Reasonable Salary for a Corporate Business Owner

March 19, 2020

When it comes to executive compensation, C corporation owners need to keep it “reasonable.” Here’s why.

For Small Businesses: Time Remains to Set Up a SEP Plan for '19

March 16, 2020

Saving money for retirement is important to a business owner’s financial security. If you haven’t set up a retirement plan for yourself and your employees for 2019, you may still
be able to do so, and reduce your tax liability for last year.

For Small Businesses: Work Opportunity Tax Credit Extended Through '20

March 2, 2020

The Work Opportunity Tax credit was set to expire on Dec. 31, 2019. But a law passed late last year extends it through Dec. 31, 2020. Here’s how employers can benefit.

For Small Businesses: On Rules for Home Office Deductions

February 24, 2020

Do you operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax
return.

For Small Businesses: On Using an S Corporation to Reduce Tax

February 18, 2020

If you conduct your business as an S corporation, you’ll be subject to income tax, but not self-employment tax, on your share of the S corporation’s income. Could this be the
entity for you?

For Small Businesses: Want to Go Into Business for Yourself?

February 10, 2020

There are many ways to conduct a business for tax purposes, including as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are nine
tax rules and considerations involved in operating as that entity.

For Small Businesses: Tips? You Might Be Eligible for Tax Credits

February 8, 2020

Employers in the food and beverage industry may be eligible for a valuable tax break with the FICA tip credit. Here’s how it works.

For Small Businesses: Numerous Tax Limits Have Increased

February 4, 2020

How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? Here are the answers
to these and other questions about annual tax-related inflation adjustments affecting businesses.

For Small Businesses: Cents-Per-Mile Rate Decreases Slightly for 2020

January 25, 2020

Your business can generally claim vehicle expense deductions by either calculating the actual expenses or using the IRS’s standard mileage rate, which has decreased slightly for
2020. Here are the details.

For Small Businesses: New Rules to Affect Annual Disclosures

January 17, 2020

Are you an employer who sponsors a tax-favored defined contribution plan? The recently enacted SECURE Act includes a new requirement for you. Here are the details.