News

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.

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.