The Tax Cuts and Jobs Act (TCJA) included simplifying the tax code and providing tax relief for small businesses. Certainly these are provisions that added complexity and uncertainty.
Category: Tax – Business
Remote Sellers – Be Aware of Sales Tax by States
Does the SECURE Act impact you?
Congress recently passed—and the President signed into law—the SECURE Act. Here is a look at some of the more important elements of the SECURE Act that have an impact on individuals.
Cost Segregation – Potential Tax Advantages for Business Property
Have you recently purchased property that you use in your trade or business?
Uh-Oh; I Got an Audit Notice from the IRS. Now What?
If you receive an audit notice from the IRS, do not panic. Just breathe! Read the letter in its entirety to see what they are auditing. In many cases, it’s a great idea to hire a tax representation professional to deal with the audit, especially if it’s a field audit (described below).
Is Your Business Entitled to Tax Relief for Contract Workers?
If your business has been selected for an employment tax examination to determine whether you correctly treated certain workers as independent contractors, you may be entitled to Internal Code Section 530 relief. If you meet the relief requirements you won’t owe employment taxes for those workers.
2019 Tax Planning Strategies Before Year-End
With year-end approaching, now’s the time to take steps to cut your 2019 tax bill. Here are some year-end tax planning strategies to consider, assuming next year’s general election doesn’t result in retroactive tax changes that could affect your 2020 tax year.
Tax Breaks for Charitable Giving
You probably know that you can get an income tax deduction for a gift to a charity. But there is a lot more to charitable giving. For example, you can benefit a family member and a charity at the same time and still get a tax break.
Five Key Reports for Your Business
Each month, your accounting system yields actionable information for you to run your business better. Here are some key reports that all business owners should review every month.
Final Regulations on Charitable Contributions and State and Local Tax Credits
This June, the U.S. Department of the Treasury and the IRS issued final regulations that require taxpayers to reduce their charitable contribution deduction by the amount of any state or local tax credits they receive or expect to receive in return. In addition, the IRS stated that taxpayers may treat payments they make in exchange… Continue reading Final Regulations on Charitable Contributions and State and Local Tax Credits