Maximize the QBI deduction before it’s gone Image
Maximize the QBI deduction before it’s gone

The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don...

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3/12/2024
Independent contractor vs. employee status: The DOL issues new final rule Image
Independent contractor vs. employee status: The DOL issues new final rule

The deadline to comply with a new U.S. Dept. of Labor rule regarding worker classification is fast approaching. Is yo...

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3/7/2024
Tax-wise ways to take cash from your corporation while avoiding dividend treatment Image
Tax-wise ways to take cash from your corporation while avoiding dividend treatment

As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the b...

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2/27/2024
There’s a new threshold for electronically filing information returns Image
There’s a new threshold for electronically filing information returns

Businesses that file 10 or more information returns must now file them electronically.

Read More »
2/22/2024
Best practices for M&A due diligence Image
Best practices for M&A due diligence

Are you contemplating a merger or acquisition in 2024? Comprehensive financial due diligence is the cornerstone of a ...

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2/20/2024
What’s the best accounting method route for business tax purposes? Image
What’s the best accounting method route for business tax purposes?

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, whic...

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2/13/2024
9 tax considerations if you’re starting a business as a sole proprietor Image
9 tax considerations if you’re starting a business as a sole proprietor

Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a busines...

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2/6/2024
2024 tax calendar Image
2024 tax calendar

Reference this tax calendar to learn the 2024 deadlines for various tax-related forms and payments.

Read More »
1/30/2024
Tax-favored Qualified Small Business Corporation status could help you thrive Image
Tax-favored Qualified Small Business Corporation status could help you thrive

There are two strong incentives for eligible small businesses to operate as a special type of entity. Learn how a Qua...

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1/16/2024
2024 Q1 tax calendar: Key deadlines for businesses and other employers Image
2024 Q1 tax calendar: Key deadlines for businesses and other employers

In the first quarter of 2024, businesses face several tax-related deadlines. Here are some key due dates and obligati...

Read More »
1/12/2024
6 tips to improve job-costing systems Image
6 tips to improve job-costing systems

Is your company’s job-costing system accurate and user friendly? Tracking costs can help identify which project...

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1/11/2024
Defer a current tax bill with a like-kind exchange Image
Defer a current tax bill with a like-kind exchange

The real estate market has been tough recently. But there are still large profits being made on some business propert...

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1/4/2024
Giving gifts and throwing parties can help show gratitude and provide tax breaks Image
Giving gifts and throwing parties can help show gratitude and provide tax breaks

Spread some holiday cheer by giving gifts to employees or customers … or throwing a festive party. But make su...

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12/14/2023
IRS delays new reporting rule for online payment processors Image
IRS delays new reporting rule for online payment processors

The IRS is delaying the $600 Form 1099-K reporting threshold for third-party settlement organizations for the 2023 ta...

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12/5/2023
There still may be time to reduce your small business 2023 tax bill Image
There still may be time to reduce your small business 2023 tax bill

The holiday whirlwind has begun. There may be ways your small business can save on 2023 taxes. But you must act fast....

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11/28/2023
A cost segregation study may cut taxes and boost cash flow Image
A cost segregation study may cut taxes and boost cash flow

Ever heard of a cost segregation study? It’s a strategy that can yield tax benefits, but it’s not the rig...

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11/14/2023
Choosing a business entity: Which way to go? Image
Choosing a business entity: Which way to go?

Choosing the best entity for your business is a multi-faceted decision. Here’s a look at the some of the consid...

Read More »
11/7/2023
The Social Security wage base for employees and self-employed people is increasing in 2024 Image
The Social Security wage base for employees and self-employed people is increasing in 2024

Certain business owners and some of their employees don’t have to pay Social Security tax on all their wages. A...

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10/24/2023
How IRS auditors learn about your business industry Image
How IRS auditors learn about your business industry

IRS examiners use publications called Audit Techniques Guides to prepare for audits in certain industries and those w...

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10/10/2023
IRS suspends processing of ERTC claims Image
IRS suspends processing of ERTC claims

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year...

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10/5/2023
What types of expenses can’t be written off by your business? Image
What types of expenses can’t be written off by your business?

You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be o...

Read More »
10/3/2023
2023 Q4 tax calendar: Key deadlines for businesses and other employers Image
2023 Q4 tax calendar: Key deadlines for businesses and other employers

The leaves are beginning to turn in some areas so it’s time for businesses to start thinking about year-end tax...

Read More »
9/26/2023
IRS issues guidance on new retirement catch-up contribution rules Image
IRS issues guidance on new retirement catch-up contribution rules

The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and...

Read More »
9/14/2023
The IRS warns businesses about ERTC scams Image
The IRS warns businesses about ERTC scams

Beware of fraudsters hyping the Employee Retention Tax Credit! Not all businesses are eligible despite the claims you...

Read More »
9/12/2023
Update on depreciating business assets Image
Update on depreciating business assets

Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim...

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9/7/2023
Divorcing business owners should pay attention to the tax consequences Image
Divorcing business owners should pay attention to the tax consequences

Divorce can be financially complicated, especially if one or both of the spouses owns a business.

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8/29/2023
Guaranteeing a loan to your corporation? There may be tax implications Image
Guaranteeing a loan to your corporation? There may be tax implications

If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be ...

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8/24/2023
Planning ahead for 2024: Should your 401(k) help employees with emergencies? Image
Planning ahead for 2024: Should your 401(k) help employees with emergencies?

Next year, a new provision kicks in that may allow businesses to help employees in financial emergencies through thei...

Read More »
8/15/2023
IRS provides transitional relief for RMDs and inherited IRAs Image
IRS provides transitional relief for RMDs and inherited IRAs

Some taxpayers can look forward to receiving transitional relief from the IRS related to the required beginning dates...

Read More »
8/10/2023
Receive more than $10,000 in cash at your business? Here’s what you must do Image
Receive more than $10,000 in cash at your business? Here’s what you must do

Some businesses receive large amounts of cash. Depending on the amounts, they may be required to report the transacti...

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8/8/2023
The advantages of using an LLC for your small business Image
The advantages of using an LLC for your small business

You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corp...

Read More »
8/1/2023
A tax-smart way to develop and sell appreciated land Image
A tax-smart way to develop and sell appreciated land

There may be a way to reduce a large tax bill if you own appreciated land that you want to subdivide and develop for ...

Read More »
7/25/2023
Corporate officers or shareholders: How should you treat expenses paid personally? Image
Corporate officers or shareholders: How should you treat expenses paid personally?

When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax de...

Read More »
7/20/2023
Use an S corporation to mitigate federal employment tax bills Image
Use an S corporation to mitigate federal employment tax bills

Converting an unincorporated business into an S corporation may help you cut your self-employment tax bill. Here's ho...

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7/13/2023
Starting a business? How expenses will be treated on your tax return Image
Starting a business? How expenses will be treated on your tax return

Launching a business? Here’s how start-up expenses are handled on a federal tax return.

Read More »
7/6/2023
The Trust Fund Recovery Penalty: Who can it be personally assessed against? Image
The Trust Fund Recovery Penalty: Who can it be personally assessed against?

The Trust Fund Recovery Penalty is personally imposed on certain business owners and managers when employment taxes a...

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6/27/2023
Virtual currency lands in the IRS’s crosshairs Image
Virtual currency lands in the IRS’s crosshairs

If you do business with virtual currency, it’s time to read up on related tax requirements. The IRS is paying c...

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6/22/2023
2023 Q3 tax calendar: Key deadlines for businesses and other employers Image
2023 Q3 tax calendar: Key deadlines for businesses and other employers

You might want to enjoy the lazy days of summer, but employers and businesses need to make sure not to miss these thi...

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6/20/2023
What’s in the Fiscal Responsibility Act? Image
What’s in the Fiscal Responsibility Act?

With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act.

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6/15/2023
Advantages and disadvantages of claiming big first-year real estate depreciation deductions Image
Advantages and disadvantages of claiming big first-year real estate depreciation deductions

If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may ...

Read More »
6/13/2023
Traveling for business this summer? Here’s what you can deduct Image
Traveling for business this summer? Here’s what you can deduct

Traveling for business this summer? Here’s a rundown of the tax deductions you can claim for business trav...

Read More »
6/6/2023
FASB votes to exempt private companies from disaggregation of income statement project Image
FASB votes to exempt private companies from disaggregation of income statement project

As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB&rsqu...

Read More »
6/1/2023
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses Image
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

Keeping careful business records for meal and vehicle expenses can safeguard your tax deductions. Here are some DOs a...

Read More »
5/30/2023
Achieving the right balance of working capital Image
Achieving the right balance of working capital

Do you know the three keys to lowering your company’s working capital requirements?

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5/25/2023
The IRS has just announced 2024 amounts for Health Savings Accounts Image
The IRS has just announced 2024 amounts for Health Savings Accounts

Does your business provide Health Savings Accounts (HSAs) to employees? The IRS has announced the inflation-adjusted ...

Read More »
5/23/2023
How to use QuickBooks as a fraud detection tool Image
How to use QuickBooks as a fraud detection tool

Many organizations use QuickBooks for everyday accounting tasks. But did you know that this software can also functio...

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5/11/2023
Use the tax code to make business losses less painful Image
Use the tax code to make business losses less painful

You may have a net operating loss for your business if your deductions for the year are more than your income for the...

Read More »
5/9/2023
Reporting non-GAAP measures Image
Reporting non-GAAP measures

Non-GAAP metrics can sometimes mislead investors! That’s why some stakeholders want a formal definition of EBIT...

Read More »
5/4/2023
Education benefits help attract, retain and motivate your employees Image
Education benefits help attract, retain and motivate your employees

An educational assistance program can be a win-win. Employees value the perk and employers can benefit from a more ed...

Read More »
5/2/2023
The tax advantages of hiring your child this summer Image
The tax advantages of hiring your child this summer

Thinking about hiring your high-school or college-age child to work in your business? You could reap significant tax ...

Read More »
4/27/2023
4 ways corporate business owners can help ensure their compensation is “reasonable” Image
4 ways corporate business owners can help ensure their compensation is “reasonable”

C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.&rdqu...

Read More »
4/25/2023
Take advantage of the rehabilitation tax credit when altering or adding to business space Image
Take advantage of the rehabilitation tax credit when altering or adding to business space

The federal tax code encourages businesses to invest in historic buildings with a tax credit. Here are the rules.

Read More »
4/18/2023
Retirement saving options for your small business: Keep it simple Image
Retirement saving options for your small business: Keep it simple

If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrativ...

Read More »
4/11/2023
How to get more from your company’s income statement Image
How to get more from your company’s income statement

Financial reporting is more than an exercise in compliance. Proactive owners and managers view their income statement...

Read More »
4/6/2023
Going green could save greenbacks and more Image
Going green could save greenbacks and more

Has the start of spring piqued your interest in green business practices? Eco-friendly initiatives can be good for th...

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4/4/2023
President Biden’s proposed budget includes notable tax provisions Image
President Biden’s proposed budget includes notable tax provisions

Here’s a rundown of the business and individual tax provisions included in President Biden’s recently rel...

Read More »
3/30/2023
Choosing an entity for your business? How about an S corporation? Image
Choosing an entity for your business? How about an S corporation?

There are several choices of entities for a new business venture. What about an S corporation? Here are the advantage...

Read More »
3/28/2023
2023 Q2 tax calendar: Key deadlines for businesses and employers Image
2023 Q2 tax calendar: Key deadlines for businesses and employers

Does this year’s April 18 filing deadline apply to your business? What additional tax deadlines are there for b...

Read More »
3/21/2023
Close-up on sources of substantive audit evidence Image
Close-up on sources of substantive audit evidence

What types of information and procedures do auditors use to verify account balances and transactions? Anticipating do...

Read More »
3/16/2023
Changes in Sec. 174 make it a good time to review the R&E strategy of your business Image
Changes in Sec. 174 make it a good time to review the R&E strategy of your business

A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here&...

Read More »
3/14/2023
Protect the “ordinary and necessary” advertising expenses of your business Image
Protect the “ordinary and necessary” advertising expenses of your business

How does a business know if advertising and marketing expenses are “ordinary and necessary” so they can b...

Read More »
3/7/2023
Reading the tea leaves: Potential tax legislation in the new Congress Image
Reading the tea leaves: Potential tax legislation in the new Congress

With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legisl...

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2/28/2023
Coming soon: 5 accounting rules that take effect in 2023 Image
Coming soon: 5 accounting rules that take effect in 2023

Is your business ready to implement these upcoming accounting rule changes?

Read More »
2/23/2023
Do you run a business from home? You may be able to deduct home office expenses Image
Do you run a business from home? You may be able to deduct home office expenses

If you’re a business owner who works from home, you may be able to save tax with home office deductions. Here a...

Read More »
2/21/2023
Key tax issues in M&A transactions Image
Key tax issues in M&A transactions

Pay attention to taxes if you’re buying or selling a business. After a transaction is complete, it may be too l...

Read More »
2/14/2023
Common accounting pitfalls for startups to avoid Image
Common accounting pitfalls for startups to avoid

Entrepreneurs often invest blood, sweat and tears to start new businesses. But few are experts in financial reporting...

Read More »
2/9/2023
Many tax limits affecting businesses have increased for 2023 Image
Many tax limits affecting businesses have increased for 2023

For 2023, high inflation has increased the adjustments the IRS makes annually to certain tax provisions. Here’s...

Read More »
2/2/2023
2023 tax calendar Image
2023 tax calendar

Reference this tax calendar to learn the 2023 deadlines for various tax-related forms and payments.

Read More »
1/26/2023
Forms W-2 and 1099-NEC are due to be filed soon Image
Forms W-2 and 1099-NEC are due to be filed soon

January 31 is an important deadline for businesses with hired workers. Here’s what’s due.

Read More »
1/24/2023
The standard business mileage rate is going up in 2023 Image
The standard business mileage rate is going up in 2023

The price of gas is lower than it was a year ago. How does this affect the amount your business can deduct for busine...

Read More »
1/19/2023
How the new SECURE 2.0 law may affect your business Image
How the new SECURE 2.0 law may affect your business

You’ve probably heard about the new SECURE 2.0 law. Here’s what it might mean for your business.

Read More »
1/17/2023
Pick the right accounting method for your business Image
Pick the right accounting method for your business

Has your accounting method kept up with your financial needs? It periodically makes sense to evaluate how you’r...

Read More »
1/12/2023
Employers should be wary of ERC claims that are too good to be true Image
Employers should be wary of ERC claims that are too good to be true

Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? It might be possible...

Read More »
1/10/2023
How to minimize the S corporation LIFO recapture tax Image
How to minimize the S corporation LIFO recapture tax

Converting from C corporation to S corporation status could trigger unexpected tax if you use the last in, first out ...

Read More »
1/1/2023
2023 Q1 tax calendar: Key deadlines for businesses and other employers Image
2023 Q1 tax calendar: Key deadlines for businesses and other employers

Businesses face a variety of tax-related deadlines in the first quarter of 2023. Here are some of them.

Read More »
12/20/2022
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify? Image
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

Owners of pass-through businesses may be able to save tax with the valuable QBI deduction by taking certain steps at ...

Read More »
12/15/2022
Choosing a business entity? Here are the pros and cons of a C corporation Image
Choosing a business entity? Here are the pros and cons of a C corporation

If you’re starting a new business, you may wonder if you should operate as a C corporation, an S corporation or...

Read More »
12/8/2022
Intangible assets: How must the costs incurred be capitalized? Image
Intangible assets: How must the costs incurred be capitalized?

Any transaction your business engages in involving intangible assets and their related costs should be analyzed to de...

Read More »
12/1/2022
Is your business closing? Here are your final tax responsibilities Image
Is your business closing? Here are your final tax responsibilities

If your business is closing its doors, taxes may be the last thing on your mind. But there are a number of tax obliga...

Read More »
11/22/2022
New accounting rules for supplier finance programs Image
New accounting rules for supplier finance programs

Newly issued rules on how to report supplier finance programs will provide critical information on the financial heal...

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11/17/2022
Computer software costs: How does your business deduct them? Image
Computer software costs: How does your business deduct them?

The tax treatment of computer software costs can be more complicated than you might think. Here are the basic rules.<...

Read More »
11/15/2022
5 steps to take now to cut your 2022 tax liability Image
5 steps to take now to cut your 2022 tax liability

Are you interested in reducing your 2022 tax liability? There’s still time to take these year-end tax planning ...

Read More »
11/10/2022
2023 limits for businesses that have HSAs — or want to establish them Image
2023 limits for businesses that have HSAs — or want to establish them

Do you have a Health Savings Account at your business? Or are you interested in establishing one? Here are the contri...

Read More »
11/8/2022
Inflation means you and your employees can save more for retirement in 2023 Image
Inflation means you and your employees can save more for retirement in 2023

The tax-advantaged retirement plan contribution amounts will be much higher next year than they’ve been in rece...

Read More »
11/3/2022
Inflation Reduction Act expands deductions for energy-efficient construction Image
Inflation Reduction Act expands deductions for energy-efficient construction

Can you benefit from the Inflation Reduction Act’s expansion of two tax incentives for energy-efficient constru...

Read More »
10/27/2022
Employers: In 2023, the Social Security wage base is going up Image
Employers: In 2023, the Social Security wage base is going up

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a ce...

Read More »
10/25/2022
Providing fringe benefits to employees with no tax strings attached Image
Providing fringe benefits to employees with no tax strings attached

Your business may provide low or no-cost tax-free fringe benefits to employees. Here are the details of these benefit...

Read More »
10/20/2022
FASB proposes last-minute changes to lease accounting rules Image
FASB proposes last-minute changes to lease accounting rules

New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases contin...

Read More »
10/13/2022
What local transportation costs can your business deduct? Image
What local transportation costs can your business deduct?

The price of gas is going up again in some parts of the country. That may affect the tax deductions for local transpo...

Read More »
10/11/2022
Worried about an IRS audit? Prepare in advance Image
Worried about an IRS audit? Prepare in advance

Getting contacted by the IRS and told your tax return is being audited may cause business owners to panic. But you'll...

Read More »
10/4/2022
Inflation Reduction Act expands valuable R&D payroll tax credit Image
Inflation Reduction Act expands valuable R&D payroll tax credit

The Inflation Reduction Act expands the R&D payroll tax credit for eligible small businesses for tax years beginn...

Read More »
9/29/2022
Work Opportunity Tax Credit provides help to employers Image
Work Opportunity Tax Credit provides help to employers

Many small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Cre...

Read More »
9/27/2022
2022 Q4 tax calendar: Key deadlines for businesses and other employers Image
2022 Q4 tax calendar: Key deadlines for businesses and other employers

It’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think ...

Read More »
9/22/2022
IRS offers penalty relief for 2019, 2020 tax years Image
IRS offers penalty relief for 2019, 2020 tax years

The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late...

Read More »
9/15/2022
Separating your business from its real estate Image
Separating your business from its real estate

Separating the ownership of a business’s real estate from the business isn’t always advisable. But it mig...

Read More »
9/13/2022
Is your current bad debt allowance reasonable? Image
Is your current bad debt allowance reasonable?

A recent survey of audit partners found that 40% were uncertain about the outlook for their primary industries. In li...

Read More »
9/8/2022
Year-end tax planning ideas for your small business Image
Year-end tax planning ideas for your small business

Before you know it, the end of 2022 will be near. Here are some year-end moves to consider that may help your small b...

Read More »
9/6/2022
Inflation Reduction Act provisions of interest to small businesses Image
Inflation Reduction Act provisions of interest to small businesses

The new Inflation Reduction Act provides small businesses with an incentive to increase their investments in research...

Read More »
9/2/2022
New law puts “book income” in the crosshairs Image
New law puts “book income” in the crosshairs

Could the Inflation Reduction Act have unintended financial reporting consequences? Many accounting professionals are...

Read More »
8/30/2022
Contingent liabilities: To report or not to report? Image
Contingent liabilities: To report or not to report?

Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting cont...

Read More »
8/25/2022
Self-employed? Build a nest egg with a solo 401(k) plan Image
Self-employed? Build a nest egg with a solo 401(k) plan

If you run a one-person small business, you might be able to build a bigger retirement nest egg with a solo 401(k) pl...

Read More »
8/23/2022
How do taxes factor into an M&A transaction? Image
How do taxes factor into an M&A transaction?

Buying or selling a business may be the most critical transaction you ever make. If your business is considering merg...

Read More »
8/18/2022
Why an LLC might be the best choice of entity for your business Image
Why an LLC might be the best choice of entity for your business

A limited liability company can give you corporate-like protection from creditors while providing the benefits of tax...

Read More »
8/16/2022
Is your corporation eligible for the dividends-received deduction? Image
Is your corporation eligible for the dividends-received deduction?

The “dividends-received deduction” may take some of the bite out of a C corporation’s tax bill. Her...

Read More »
8/11/2022
Is your business required to report employee health coverage? Image
Is your business required to report employee health coverage?

Form 1095-C is filed with the IRS and provided to employees of “applicable large employers” who are full-...

Read More »
8/9/2022
How to Treat Business Website Costs for Tax Purposes Image
How to Treat Business Website Costs for Tax Purposes

How do you handle the costs involved in developing your business website for tax purposes? Here are the general rules...

Read More »
8/4/2022
Tax Issues to Assess When Converting From a C Corporation to an S Corporation Image
Tax Issues to Assess When Converting From a C Corporation to an S Corporation

If your business operates as a C corporation, you may save tax by becoming an S corporation. Here’s a rundown o...

Read More »
8/2/2022
Businesses: Act now to make the most out of bonus depreciation Image
Businesses: Act now to make the most out of bonus depreciation

If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax...

Read More »
7/28/2022
Three Tax Breaks for Small Businesses Image
Three Tax Breaks for Small Businesses

You don’t have to be a large business to benefit from tax breaks. Here are 3 ways that eligible small businesse...

Read More »
7/26/2022
Important Considerations When Engaging in a Like-Kind Exchange Image
Important Considerations When Engaging in a Like-Kind Exchange

Interested in a “like-kind” exchange of real property? Here are the basic rules.

Read More »
7/22/2022
Standard Business Mileage Rate Will Increase for the Second Half of 2022 Image
Standard Business Mileage Rate Will Increase for the Second Half of 2022

Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driv...

Read More »
6/15/2022
How to Forecast Smarter Image
How to Forecast Smarter

Start the year off right with reliable financial forecasts. Here are five questions to guide you through the process....

Read More »
1/18/2022
Will the standard business mileage rate go up in 2022? Yes! Image
Will the standard business mileage rate go up in 2022? Yes!

The price of gas is up about $1 a gallon from a year ago. How does this affect the amount your business can deduct fo...

Read More »
1/10/2022
2022 Q1 tax calendar: Key Deadlines for Businesses and Other Employers Image
2022 Q1 tax calendar: Key Deadlines for Businesses and Other Employers

Businesses face a variety of tax-related deadlines in the first quarter of 2022. Here are some of them.

Read More »
12/23/2021
Providing a Company Car? Here’s How Taxes are Handled Image
Providing a Company Car? Here’s How Taxes are Handled

Providing a company car to executives at your business is a prized perk. Here are the basic tax rules involved in thi...

The Tax Implications of Owning a Corporate Aircraft Image
The Tax Implications of Owning a Corporate Aircraft

Ever wonder how much of a tax break you’d get if you bought a private plane for your business? Here are the bas...

Read More »
12/9/2021
Small Businesses: There Still May Be Time to Cut Your 2021 Taxes Image
Small Businesses: There Still May Be Time to Cut Your 2021 Taxes

There may be ways your small business can save on 2021 taxes. But you must act before Dec. 31.

Read More »
12/3/2021
U.S. House Passes the Build Back Better Act Image
U.S. House Passes the Build Back Better Act

The Build Back Better Act is one step closer to becoming law as it passes the U.S. House.

Read More »
11/29/2021
Infrastructure Law sunsets Employee Retention Credit early Image
Infrastructure Law sunsets Employee Retention Credit early

The sun has set on the valuable Employee Retention Credit. Here’s what happened.

Read More »
11/29/2021
Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties Image
Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties

Is your business giving holiday gifts to employees or customers this year? Or are you throwing a holiday party? Here ...

Read More »
11/18/2021
Many Factors Are Involved When Choosing a Business Entity Image
Many Factors Are Involved When Choosing a Business Entity

There are many factors to consider when choosing a business entity. Here are just a few.

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11/11/2021
Potential Tax Law Changes Hang Over Year-End Tax Planning for Individuals Image
Potential Tax Law Changes Hang Over Year-End Tax Planning for Individuals

If you’re concerned about your 2021 tax liability, consider these year-end tax planning strategies.

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11/10/2021
The Infrastructure Investment and Jobs Act Includes Tax-Related Provisions You’ll Want to Know About Image
The Infrastructure Investment and Jobs Act Includes Tax-Related Provisions You’ll Want to Know About

Congress has passed the Infrastructure Investment and Jobs Act. Find out what tax-related provisions have been built ...

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11/10/2021
Businesses Must Navigate Year-End Tax Planning With New Tax Laws Potentially on the Horizon Image
Businesses Must Navigate Year-End Tax Planning With New Tax Laws Potentially on the Horizon

Allocating year-end tax planning time now can prove beneficial come tax filing time next year.

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11/10/2021
Would You Like to Establish a Health Savings Account for Your Small Business? Image
Would You Like to Establish a Health Savings Account for Your Small Business?

Looking for a flexible, tax-advantaged option for providing health care coverage at your business? Consider a Health ...

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11/3/2021
The Social Security Wage Base Is Increasing in 2022 Image
The Social Security Wage Base Is Increasing in 2022

Business owners and their employees don’t have to pay Social Security tax on all their wages. Amounts above a c...

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10/28/2021
Debate Continues in Congress Over Proposed Tax Changes Image
Debate Continues in Congress Over Proposed Tax Changes

The fate of the Build Back Better Act and the Bipartisan Infrastructure Bill remains uncertain as Congress continues ...

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10/14/2021
M&A Transactions: Be Careful When Reporting to the IRS Image
M&A Transactions: Be Careful When Reporting to the IRS

Have you bought or sold business assets in an M&A deal in 2021 or are in the process of a transaction? If so, you...

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9/30/2021
Tax Depreciation Rules for Business Automobiles Image
Tax Depreciation Rules for Business Automobiles

Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rule...

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9/23/2021
Disasters and Your Taxes: What You Need to Know Image
Disasters and Your Taxes: What You Need to Know

Have you been affected by one of the many natural disasters that have occurred this year? Tax relief may be available...

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9/20/2021
Claiming a Theft Loss Deduction if Your Business Is the Victim of Embezzlement Image
Claiming a Theft Loss Deduction if Your Business Is the Victim of Embezzlement

If your business is victimized by theft, embezzlement or internal fraud, you may be able to claim a tax deduction for...

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9/10/2021
Getting a Divorce? Be Aware of Tax Implications if You Own a Business Image
Getting a Divorce? Be Aware of Tax Implications if You Own a Business

Divorce may have tax implications for the spouses involved, especially if one or both of them owns a business. Here a...

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8/26/2021
Possible Tax Consequences of Guaranteeing a Loan to Your Corporation Image
Possible Tax Consequences of Guaranteeing a Loan to Your Corporation

If your corporation defaults on a loan that you guarantee, you don’t want to be blindsided by the tax implicati...

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8/19/2021
Is an LLC the right choice for your small business? Image
Is an LLC the right choice for your small business?

There are several options for operating your small business. For example, a sole proprietorship, an S corporation or ...

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8/5/2021
The deductibility of corporate expenses covered by officers or shareholders Image
The deductibility of corporate expenses covered by officers or shareholders

If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the bus...

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7/29/2021
Getting a New Business off the Ground: How Start-up Expenses Are Handled on Your Tax Return Image
Getting a New Business off the Ground: How Start-up Expenses Are Handled on Your Tax Return

Business applications have increased over the past year, according to the U.S. Census Bureau. If you’re launchi...

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7/22/2021
Who In Small Business Can Be Hit With The “Trust Fund Recovery Penalty?” Image
Who In Small Business Can Be Hit With The “Trust Fund Recovery Penalty?”

The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally ...

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7/15/2021
10 Facts About the Pass-through Deduction for Qualified Business Income Image
10 Facts About the Pass-through Deduction for Qualified Business Income

Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. He...

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7/8/2021
Eligible Businesses: Claim the Employee Retention Tax Credit Image
Eligible Businesses: Claim the Employee Retention Tax Credit

If your business hasn’t already claimed the Employee Retention Tax Credit, you should check out if you’re...

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7/1/2021
Here Come the Child Tax Credit Payments: What You Need to Know Image
Here Come the Child Tax Credit Payments: What You Need to Know

If you have children age 17 or under, it’s critical to understand the recent changes made to the child tax cred...

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6/30/2021
Important Changes to the Child Tax Credit Image
Important Changes to the Child Tax Credit

As part of the American Rescue Plan Act enacted in March, significant changes were made to the child tax credit that ...

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6/25/2021
Traveling For Business Again? What Can You Deduct? Image
Traveling For Business Again? What Can You Deduct?

On the road again for business? Here’s a rundown of costs you can deduct for business travel.

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6/24/2021
2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers Image
2021 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Although you might want to enjoy the lazy days of summer, employers and businesses should be careful not to miss thes...

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6/17/2021
Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses Image
Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses

"Recordkeeping DOs and DON’Ts for Business Meal and Vehicle Expenses" | Keeping meticulous business record...

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6/10/2021
Hiring Your Minor Children This Summer? Reap Tax and Nontax Benefits Image
Hiring Your Minor Children This Summer? Reap Tax and Nontax Benefits

Are you a business owner with teenage or college-age children who constantly need cash? You may want to hire them to ...

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6/3/2021
The IRS has Announced 2022 Amounts for Health Savings Accounts Image
The IRS has Announced 2022 Amounts for Health Savings Accounts

Businesses that provide Health Savings Accounts to employees know they have a variety of benefits. Here are a few of ...

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5/27/2021
Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees Image
Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here...

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5/13/2021
The Biden Administration Proposes Far-Reaching Tax Overhaul Image
The Biden Administration Proposes Far-Reaching Tax Overhaul

If you’re trying to keep straight all of the tax proposals the Biden administration has recently announced, her...

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5/7/2021
President Biden details his tax proposals for individuals Image
President Biden details his tax proposals for individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an...

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4/30/2021
Claiming the Business Energy Credit for Using Alternative Energy Image
Claiming the Business Energy Credit for Using Alternative Energy

There’s a great deal of interest in alternative energy technologies today. If your business invests in certain ...

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4/29/2021
Tax Advantages of Hiring Your Child at Your Small Business Image
Tax Advantages of Hiring Your Child at Your Small Business

Thinking about hiring your teenager to work in your business? There can be significant tax benefits.

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4/8/2021
PPP Application Deadline Extended Image
PPP Application Deadline Extended

Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the...

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4/1/2021
Extended tax filing deadline provides relief to individual taxpayers and the IRS Image
Extended tax filing deadline provides relief to individual taxpayers and the IRS

The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended f...

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3/24/2021
If You Run a Business From Home, You Could Qualify for Home Office Deductions Image
If You Run a Business From Home, You Could Qualify for Home Office Deductions

Business owners may be able to save tax with home office deductions. If you’re working from home (like lots of ...

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3/11/2021
What Are the Tax Implications of Buying or Selling a Business? Image
What Are the Tax Implications of Buying or Selling a Business?

Buying or selling a business may be the largest transaction you’ll ever make. Pay attention to taxes. After a d...

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3/4/2021
Many Tax Amounts Affecting Businesses Have Increased for 2021 Image
Many Tax Amounts Affecting Businesses Have Increased for 2021

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they co...

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2/25/2021
The Cents-per-Mile Rate for Business Miles Decreases Again for 2021 Image
The Cents-per-Mile Rate for Business Miles Decreases Again for 2021

The price of gas is down from a year ago. How does this affect the amount your business can deduct for business drivi...

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2/18/2021
The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon Image
The New Form 1099-NEC and the Revised 1099-MISC Are Due to Recipients Soon

A filing requirement is coming up if your business pays independent contractors or makes other payments.

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2/11/2021
PPP Loans Have Reopened: Let’s Review the Tax Consequences Image
PPP Loans Have Reopened: Let’s Review the Tax Consequences

Businesses that have been hit hard by the COVID-19 may be able to obtain help with PPP loans. Here are the basic rule...

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2/4/2021
Can Your Business Benefit From the Enhanced Employee Retention Tax Credit? Image
Can Your Business Benefit From the Enhanced Employee Retention Tax Credit?

The Employee Retention Tax Credit rewards employers that can afford to keep workers on the payroll during the COVID-1...

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1/28/2021
What Have We Learned? Image
What Have We Learned?

This year, many businesses were affected by the pandemic. Here are some things we have learned.

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12/22/2020
Small Businesses: Cash in On Depreciation Tax Savers Image
Small Businesses: Cash in On Depreciation Tax Savers

Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take...

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12/15/2020
The Importance of S-Corporation Basis and Distribution Elections Image
The Importance of S-Corporation Basis and Distribution Elections

Do you operate your business as an S-Corp? Be aware that several elections are available to you and your shareholders...

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12/10/2020
The 2021
The 2021 "Social Security Wage Base" Is Increasing

Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The SSA ...

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11/19/2020
Year-End Tax Planning for 2021 Image
Year-End Tax Planning for 2021

We asked our tax professionals for a few suggestions on how to get organized and prepare for 2021. Here they are...

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11/3/2020
Understanding the Passive Activity Loss Rules Image
Understanding the Passive Activity Loss Rules

The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.

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10/29/2020
The Easiest Way to Survive an IRS Audit is to Get Ready in Advance Image
The Easiest Way to Survive an IRS Audit is to Get Ready in Advance

The more you know about IRS audits, the better you can fare when that letter arrives in the mail. 

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10/22/2020
The Tax Rules for Deducting the Computer Software Costs of Your Business Image
The Tax Rules for Deducting the Computer Software Costs of Your Business

The tax rules for treating computer software costs can be complex. Here’s a basic explanation.

Business Website Costs for Tax Purposes Image
Business Website Costs for Tax Purposes

Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Her...

2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers Image
2020 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

With fall's arrival, it’s time for businesses to start thinking about fourth quarter tax deadlines.

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9/23/2020
Private Foundations Need Strong Conflict-of-Interest Policies Image
Private Foundations Need Strong Conflict-of-Interest Policies

Even if your private foundation has good intentions, it may not be enough. You need a conflict-of-interest policy to ...

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9/21/2020
Employers Have Questions and Concerns About Deferring Employees' Social Security Taxes Image
Employers Have Questions and Concerns About Deferring Employees' Social Security Taxes

The IRS has issued guidance to implement the deferral of the employee share of SS tax, but employers still have quest...

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9/17/2020
5 Key Points About Bonus Depreciation Image
5 Key Points About Bonus Depreciation

Depreciating assets involves a complex area of tax law; here’s a rundown:

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9/9/2020
The Possible Tax Consequences of PPP Loans Image
The Possible Tax Consequences of PPP Loans

If your business received a PPP Loan, you should be aware of the potential tax implications.

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8/20/2020
How to Codify Your Nonprofit's Ethics Image
How to Codify Your Nonprofit's Ethics

Nonprofits that enforce a "code of ethical conduct" are associated with 50% lower fraud losses. Get started here...

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8/18/2020
Why Do Partners Sometimes Report More Income on Tax Returns than They Receive in Cash? Image
Why Do Partners Sometimes Report More Income on Tax Returns than They Receive in Cash?

In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships....

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7/30/2020
Even If No Money Changes Hands, Bartering Is A Taxable Transaction Image
Even If No Money Changes Hands, Bartering Is A Taxable Transaction

Bartering is popular during times of economic downturns, which many businesses are suffering now due to COVID-19...

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7/23/2020
Businesses: Get Ready for the New Form 1099-NEC Image
Businesses: Get Ready for the New Form 1099-NEC

A tax form that used to be filed back in the 1980's is coming back for 2020. Here’s what businesses need to kno...

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7/14/2020
Steer Clear of the Trust Fund Recovery Penalty Image
Steer Clear of the Trust Fund Recovery Penalty

The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and ma...

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7/6/2020
Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill. Image
Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill.

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment ...

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7/1/2020
Realistic Timelines

Global economic disruption uniquely affects each business.

CARES Act: Funding and Employment Retention Provisions Image
CARES Act: Funding and Employment Retention Provisions

CARES Act - Funding and Employment Retention Provisions

The Tax Implications of a Company Car

What are the benefits of using the company car?

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11/14/2019
Winston Churchill and the Tax Affecting of Pass-Through Entities

This article is as close as it gets in the valuation world to the “Extra, Extra… Read all about it&...

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8/29/2019
Does the Wayfair Decision Affect You?

The criteria and precedent used to determine sales tax liability has changed. Will this change affect your business' ...

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2/7/2019
SALES AND USE TAX ECONOMIC NEXUS: ANALYSIS OF STATE THRESHOLDS

A brief summary of each state's economic nexus thresholds

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1/23/2019
The Qualified Business Income Deduction in a Nutshell

The new Qualified Business Income Deduction is one of the more complex proposed changes in the Tax Cuts and Jobs Act,...

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1/14/2019
How a REIT Can Benefit From a Cost Segregation Study

Many REITs are eligible to implement a tax strategy known as cost segregation. Unfortunately, misinformation has left...

Are Your Business Expenses Deductible Under New Tax Law? Image
Are Your Business Expenses Deductible Under New Tax Law?

The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many ...

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11/28/2018
Tax Law Changes for Nonprofits

Which parts of the recent tax reform have the greatest impact on not-for-profit organizations?

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11/7/2018
"Can’t You See This is The Land of Confusion": Uncertainty and the Tax Cuts and Jobs Act

While it remains the case that the lower corporate tax rates for C corporations increase cash flows and therefore pot...

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2/3/2018
THE TAX CUTS AND JOBS ACT: Changes to Itemized Deductions

Part 2 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017.

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1/19/2018
THE TAX CUTS AND JOBS ACT: 30 Ways The Act May Affect You And Your Business

A summary of the most widely applicable points of the tax reform passed in December 2017.

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1/19/2018
THE TAX CUTS AND JOBS ACT: Changes to Business Taxation

Part 3 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017.

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1/19/2018
THE TAX CUTS AND JOBS ACT: Changes to Individual Taxation

Part 1 of 3: A summary of the most widely applicable points of the tax reform passed in December 2017. 

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1/19/2018
Did Singing Auld Lang Syne Increase Company Valuations?

The Impact of New Tax Law on Valuations

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1/13/2018
Robert Burke Promoted to Tax Supervisor

WEC is pleased to announce the promotion of Robert O. Burke from Senior Accountant to Supervisor.

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7/29/2016
UBIT: How it Applies to Debt-Financed Property

If a tax-exempt organization engages in a business that is unrelated to its primary purpose, the general rule is that...

Threatening Calls from the IRS Might be a Scam

BEWARE - Taxpayers are receiving telephone calls from people claiming to be from the IRS, but they are not. These con...

EBITDA and Fair Market Value

One of the main differences between the world of real life transactions and the fair market value world is the way th...

Four Reasons Why Already-Dismal IRS Service is about to Get Much Worse

Few, if any, of us enjoy dealing with the IRS. Often polled as America’s most hated federal agency, the agency&...

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11/25/2014
Charitable Donation of a Vehicle

A Brief Overview of Frequently Asked Questions

Does Your Organization Have Unrelated Business Income?

Even though an organization is recognized as tax-exempt, it still may be liable for tax on its unrelated business tax...

Publication Advertising: What is Taxable?

Many tax-exempt organizations publish magazines or other periodicals that contain editorial material related to the o...

Royalties and Sponsorship Payments: Are They Tax Exempt?

Many tax-exempt organizations allow for-profit entities to use the organization's name or logo to market goods and se...

Robert Burke Promoted to Senior Tax Accountant

WEC is pleased to announce the promotion of Robert O. Burke from Tax Staff Accountant to Tax Senior.

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7/1/2014
State credit programs advantageous for nonprofits and low-income individuals

Board Members of nonprofit organizations - or those responsible for the financial well-being of one - should become f...

When to File an Estate Return Under New Law

The American Taxpayer Relief Act that became law on Jan. 2, 2013, changed the landscape of when an estate tax return ...

Non-Profit to For-Profit: Some Organizations Are Making the Switch

As a nonprofit organization, you hold coveted IRS tax-exempt status, can accept grants and donations, and enjoy the p...

How Will the New Repairs Regulations Affect Your Company?

The characterization of expenditures relating to fixed assets (tangible property) has been a challenge since the ince...

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2/25/2013
Fiscal Cliff Legislation: How Tax Changes in the Act May Affect You

As the New Year's ball worked its way down its 141-foot drop in the seconds leading up to midnight on December 31, ma...

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1/13/2013
American Taxpayer Relief Act

After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire dr...

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1/11/2013
Research And Development Tax Credit

Every taxpayer wants to reduce his/her tax liability, and if you are involved in qualified research activities, the R...

2012-2013 Tax Planning

Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative. The following taxes may...

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9/28/2012
Tax Ramifications of Health Care Reform

The Supreme Court upheld President Obama's signature health care reform in a 5-4 decision on June 28, 2012.  Beg...

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7/8/2012
Returning Heroes & Wounded Warriors Tax Credit

The Returning Heroes and Wounded Warriors Work Opportunity Tax Credit is an extension of the Work Credit available fo...

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6/22/2012
3 Ways a Cost Segregation Study Can Help You

A cost segregation study can help you maximize tax savings and increase cash fl ows on
your future, current...

‘Look-Through’ Lowdown

We all know how important it is to understand how tax laws affect the day to day operations of a construction busines...

Contractors Must Know All Accounting Options

Construction companies face an imposingly complex choice when it comes to their accounting methods. Because no two pr...