WHEN ARE 1099S REQUIRED? A Form 1099-MISC is used to report payments for services provided to your business by unincorporated vendors when those payments total $600 or more for the year. The IRS has established four conditions for payments that must be reported using Form 1099-MISC.  You must file a

MATERIAL PARTICIPATION KEY TO DEDUCTING LLC AND LLP LOSSES If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS

THREE MIDYEAR TAX PLANNING STRATEGIES FOR BUSINESS Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back

3 BREAKS FOR BUSINESS CHARITABLE DONATIONS YOU MAY NOT KNOW ABOUT Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. 1. Food donations.  Charitable write-offs for donated food (such as by restaurants and

CONSIDER THE TAX CONSEQUENCES BEFORE MAKING AN EMPLOYEE A PARTNER In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you should

CHOOSING BETWEEN A CALENDAR TAX YEAR AND A FISCAL TAX YEAR Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal

TAKE SMALL-BUSINESS TAX CREDITS WHERE CREDITS ARE DUE Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available credits are especially for small businesses that provide certain employee benefits. And one of them might not be available after 2017. 1. Small-business health care credit The Affordable Care Act

THE LATEST ON COMBATING TAX ID THEFT WHY 2016 MAY BE AN ESPECIALLY GOOD YEAR TO TAKE BONUS DEPRECIATION Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The PATH Act, signed into law a little over a