Key 2024 inflation-adjusted tax parameters for small businesses and their owners The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts most likely to affect small businesses and their owners. Rates and...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
business tax
IRS Halts Employee Retention Credit (ERC) Claims
The IRS has stopped processing new Employee Retention Credit (ERC) claims because they are worried about scams and improper claims. (IR 2023-169, 9/14/2023) They will still work on claims filed before the stop, but it will take longer because they are doing more...
Partnership Taxation can be Confusing – Watch Out for “Phantom Income.”
Partners may have to report more income on tax returns than they receive in cash Are you a partner in a business? (Note: this includes LLC members if the LLC is treated as a 1065 Partnership for tax purposes!)You may have come across a situation that’s...
Tax Issues on Sale of Business Property and Equipment
The tax mechanics involved in the sale of trade or business property What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s...
Accelerate Business Income to Avoid future Tax Increases
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the...
LLC -Single Member Disregarded Entity – Sole Proprietor Tax Filing
Important tax aspects of operating your business as a sole proprietor If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:...
Tax Limit Increases for Business in 2022
Numerous tax limits affecting businesses have increased for 2022 Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social...
You still have a few Tax Savings ideas for LAST year!
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 and filing deadlines that otherwise would have fallen on...
International Tax laws may get changed to help US businesses.
Here is a great article I read on Reuters Tax News today. Hopefully, there will be an overhaul of international taxation to be less punitive for US business. Global deal over digital tax eludes France, U.S. in Davos talks By Leigh Thomas, Richard Lough and Luke Baker...
Avoiding Taxable Dividends when Withdrawing Money from a Corporation
5 WAYS TO WITHDRAW CASH FROM YOUR CORPORATION WHILE AVOIDING DIVIDEND TREATMENT Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t...
