Could a cost segregation study help you accelerate depreciation deductions? Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting...
State Department denying passports! Under President Obama's urging, Congress in 2015 passed a nefarious law denying passports to taxpayers owing $50,000 or more To the IRS. The State Department is now issuing letters denying passports to individuals owing taxes. If you owe taxes to the IRS you need...
Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it...
see: http://www.TaxEsq.com...
Be sure your employee travel expense reimbursements will pass muster with the IRSDoes your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under...
2018 Q4 tax calendar: Key deadlines for businesses and other employersHere are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply...
Keep it SIMPLE: A tax-advantaged retirement plan solution for small businessesIf your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract...
Choosing the right accounting method for tax purposesThe Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has...
see: http://www.TaxEsq.com...
An FLP can save tax in a family business successionOne of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before...