Small Business Tax Briefs: November 2018
WHEN HOLIDAY GIFTS AND PARTIES ARE DEDUCTIBLE OR TAXABLE The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax […]
Small Business Tax Briefs: October 2018
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 cash flow. And the potential benefits are now even […]
Small Business Tax Briefs: September 2018
2018 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 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all […]
Small Business Tax Briefs: August 2018
KEEP IT SIMPLE: A TAX-ADVANTAGED RETIREMENT PLAN SOLUTION FOR SMALL BUSINESSES If 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 and retain employees. For a variety of reasons, a […]
Small Business Tax Briefs: July 2018
DO YOU QUALIFY FOR THE HOME OFFICE DEDUCTION? Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to […]
The Impact of South Dakota vs. Wayfair, Inc.
DOES YOUR BUSINESS HAVE TO BEGIN COLLECTING SALES TAX ON ALL OUT-OF-STATE ONLINE SALES? You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave […]
Small Business Tax Briefs: June 2018
WHAT BUSINESSES NEED TO KNOW ABOUT THE TAX TREATMENT OF BITCOIN AND OTHER VIRTUAL CURRENCIES ;Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.While most smaller businesses aren’t yet accepting bitcoin or other […]
Small Business Tax Briefs: May 2018
IRS AUDIT TECHNIQUES GUIDES PROVIDE CLUES TO WHAT MAY COME UP IF YOUR BUSINESS IS AUDITED IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and […]
Small Business Tax Briefs: April 2018
SHOULD YOU FILE FORM SS-8 TO ASK THE IRS TO DETERMINE A WORKER’S STATUS? Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out […]
Small Business Tax Briefs: March 2018
MAKE SURE REPAIRS TO TANGIBLE PROPERTY WERE ACTUALLY REPAIRS BEFORE YOU DEDUCT THE COST Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and […]