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Employee Benefit Plan Audit

January 26, 2023

An employee benefit plan audit is a periodic and independent examination of a company’s benefit plans that are subject to ERISA. If your company currently offers or plans to offer an employee benefit plan, read this article to learn about audit requirements.

Buy-Sell Agreements

January 24, 2023

Buy-sell agreements are an essential tool for businesses with more than one owner. This type of agreement defines what will happen to the departing owner's share of the business if they leave. Learn about the benefits, key components, and important considerations of a buy-sell agreement for your business.

Changes to the Treatment of R&E Expenditure Under Section 174

January 18, 2023

The Tax Cuts and Jobs Act (TCJA) of 2017 brought about a number of Research and Experimentation (R&E) changes to how R&E expenses are treated under Section 174 of the Internal Revenue Code.

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.

Tax Obligations Going Out of Business

July 12, 2022

Many businesses shut down due to the pandemic and the economy. However, tax obligations when going out of business 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.

Telecommuting Nexus Relief

July 8, 2022

To help businesses and taxpayers impacted by the pandemic, due to the COVID-19 pandemic, the Minnesota Department of Revenue provided telecommuting nexus relief from business income tax and sales and use tax specifically related to telecommuting.

2022 Third Quarter Tax Deadlines

June 29, 2022

Here are some of the key 2022 third quarter 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 to you.

Preparing Your Business for a Recession

June 21, 2022

VIDEO: A recession can be challenging for any business. However, business owners can take steps to prepare for a recession and position their companies for growth as the economy recovers. In this video, we'll provide six tips to help you and your business prepare for a recession.

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

Contractor or Employee?

June 16, 2022

Manufacturing companies must pay close attention to federal and state rules when determining whether someone is a contractor or employee. Unfortunately, some manufacturing company owners mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter as long as contractors satisfy all their tax obligations.

Estimated Tax Payment

June 7, 2022

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.

HSA Amounts for 2023

May 9, 2022

The IRS recently announced the HSA amounts for 2023, which have been adjusted for inflation. High inflation rates will result in next year’s amounts being increased more than they have been in recent years.

Adding a New Partner?

April 21, 2022

Adding a new partner in a partnership has several financial and legal implications. For example, let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that

C-Corporation to S-Corporation

April 11, 2022

Should you switch from a C-Corporation to S-Corporation? If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.

Business Meal Deduction

April 4, 2022

Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022. Under a provision that’s part of one of the COVID-19 relief