General Tax

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Adding a New Partner?

Adding a new partner in a partnership has several financial and legal implications that need to be addressed.
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C-Corporation to S-Corporation

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.
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Business Meal Deduction

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.
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Maybe Accelerate and Defer?

Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer?  And why would you want to?
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First-Year Bonus Depreciation for Manufacturers

Many companies purchase qualified property and then take advantage of the powerful first-year bonus depreciation for manufacturers. These tax write-offs can benefit a manufacturer's cash flow, but claiming them isn't always the best decision. 
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Manufacturers Need Healthy Cash Flow

Manufacturers need healthy cash flow to help survive tough times and prosper during better times. Every manufacturer is different, so the right cash flow strategies depend on your situation. Let’s take a look at several strategies that might be right for your manufacturing company.
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Spouse’s Travel Costs

Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee.  This requirement prevents tax deductibility in most cases. 
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Withdraw Cash from Company

The simplest way to withdraw cash from closely-held corporations is to distribute the cash as a dividend. However, this isn't tax-efficient because it is taxable to you to the extent of your corporation's "earnings and profits," It is also not deductible by the corporation. But, there are alternate methods.
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Sole Proprietor Tax Issues

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.
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Deductible Expenses & Good Records

Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit. 
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Entrepreneurs and Taxes

If you have started or are contemplating starting a new business, as a new business owner you need to be aware of the implications that affect entrepreneurs and taxes.
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Employer Tip Tax Credit

If you are an employer with employees who receive tips, it is possible that you may qualify for an employer tip tax credit for a portion of the tips. Sound too good to be true?
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2022 First-Quarter Tax Deadlines

Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.
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Required Minimum Distributions

Required Minimum Distributions (RMDs) are minimum amounts that you must withdraw from your IRA or retirement plan account each year after you reach age 72 (70 ½ if you reach 70 ½ before Jan. 1, 2020).
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Tax Planning in an Uncertain Time

A major takeaway from the last twenty months of living in a pandemic is the importance of planning and adaptability. As 2021 comes to an end, there is still so much unknown of what 2022 will bring.
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