General Tax

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Sale of Business Property

April 25, 2022

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?

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

2022 Second-Quarter Tax Deadlines

March 28, 2022

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

Maybe Accelerate and Defer?

March 28, 2022

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?

How Cryptocurrency Transactions Are Taxed

March 26, 2022

VIDEO: As use of cryptocurrency has been growing, many users aren't aware of the tax rules and regulations that govern cryptocurrency transactions. In this video, we'll explain how and when cryptocurrencies are taxed, as well as how to report transactions to the IRS.

First-Year Bonus Depreciation for Manufacturers

March 16, 2022

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.

Manufacturers Need Healthy Cash Flow

March 2, 2022

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.

R&D Credit Tax Break

March 1, 2022

The research and development - R&D credit, is a tax break for eligible businesses. The credit calculations require complex calculations, which we can take care of for you. But in addition to the credit itself, the credit also has several valuable features for small businesses.

Deducting a Spouse’s Travel Costs

February 22, 2022

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.

Withdraw Cash from Closely-Held Corporations

February 16, 2022

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. Fortunately, there are alternate methods that

Sole Proprietor Tax Issues

February 11, 2022

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.

Deductible Expenses & Good Records

January 31, 2022

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.

How Cost Segregation Studies Help Real Estate Owners Defer Taxes

January 26, 2022

VIDEO: Real estate owners who have purchased, constructed or renovated real estate should consider performing a cost segregation study to accelerate depreciation and defer income taxes. Watch now to learn more.