Business Website Costs: Guidance For Taxes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance [...]

By |2020-09-21T12:34:30-04:00September 21st, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on Business Website Costs: Guidance For Taxes

2020 Q4 Tax Calendar: Key Deadlines For Businesses And Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us [...]

By |2020-09-14T15:53:06-04:00September 14th, 2020|Categories: Blog, Tax|Tags: , |Comments Off on 2020 Q4 Tax Calendar: Key Deadlines For Businesses And Other Employers

Employers Have Questions And Concerns About Deferring Employees’ Social Security Taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s [...]

By |2020-09-08T15:06:01-04:00September 8th, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on Employers Have Questions And Concerns About Deferring Employees’ Social Security Taxes

5 Key Points About Bonus Depreciation

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. Bonus depreciation is [...]

By |2020-08-31T17:04:21-04:00August 31st, 2020|Categories: Blog, Tax|Tags: , , , , , , |Comments Off on 5 Key Points About Bonus Depreciation

CARES Act Made Changes To Excess Business Losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an [...]

By |2020-08-26T13:51:38-04:00August 26th, 2020|Categories: Blog, Tax|Tags: , , , , , , , |Comments Off on CARES Act Made Changes To Excess Business Losses

Promoting And Reporting Diversity

Increasing diversity is a key initiative at many companies in 2020. This movement goes beyond social responsibility — it can lead to better-informed decision-making, improved productivity and enhanced value. Congress has also jumped on the diversity-and-inclusion bandwagon: Legislation is [...]

By |2020-08-27T11:25:03-04:00August 21st, 2020|Categories: Blog, Tax, Uncategorized|Tags: , , , , |Comments Off on Promoting And Reporting Diversity

The President’s Action To Defer Payroll Taxes: What Does It Mean For Your Business?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 [...]

By |2020-08-17T17:33:34-04:00August 17th, 2020|Categories: Blog, Tax|Tags: , , , , |Comments Off on The President’s Action To Defer Payroll Taxes: What Does It Mean For Your Business?

The Possible Tax Consequences of PPP Loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic [...]

By |2020-08-10T16:30:49-04:00August 10th, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on The Possible Tax Consequences of PPP Loans

File Cash Transaction Reports for Your Business — On Paper or Electronically

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course [...]

By |2020-08-03T12:17:19-04:00August 3rd, 2020|Categories: Blog, Tax|Tags: , , |Comments Off on File Cash Transaction Reports for Your Business — On Paper or Electronically

Why do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in [...]

By |2020-08-07T12:34:12-04:00July 27th, 2020|Categories: Blog, Tax|Comments Off on Why do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?