General Tax

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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.
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon
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
If your small business or start-up is planning to claim the research tax credit, there’s an option to get immediate use of the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits against payroll taxes instead of your income tax.
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.
Partnership taxation can be puzzling. You may be taxed on more partnership income than was distributed to you in a given year. Why does this happen? It’s due to the way partnerships, and partners are taxed.
VIDEO: Parenting comes with many responsibilities, which include teaching children how to budget, save money, and make responsible financial decisions. In this video, we'll cover six tips to help your children learn about saving, spending and investing.
This year, there is a new 1099-K filing threshold. Businesses should be aware that they may be responsible for issuing more 2022 information reporting forms because more workers may now fall into the required range of income that has to be reported. In addition, beginning in 2022, the Form 1099-K
New Federal tax law changes are set to take place that could significantly increase the tax liabilities for companies that take part in research and development (R&D) activities.
If your business files 1099 returns for independent contractors, you possibly may receive an information return notice from the IRS. The IRS mails these notices twice a year to businesses and other payers that filed certain returns with information that doesn’t match the agency’s records.
There are many rules that can potentially apply to the sale of business property. Thus, to simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business and held by you for more than a year.
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
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.
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
Here are some of the key 2022 second-quarter tax deadlines that apply to businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the
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