Landmark News
Be Sure to Include Tax Planning on your Wedding To-Do List
Couples getting married know there are a lot of details in planning a wedding. Along with the cake and gift registry, the first tax return as a married couple should be on your checklist. The IRS has tips and tools to help newlyweds consider how marriage may affect your taxes.
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How to Maximize your Business Property Deductions in 2019
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time....
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Buying or Selling a Business: How to Allocate Assets
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way.
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Bartering: Beneficial Transactions but Taxable Income
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income.
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Which Entity Type is Best for Me?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%.
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Tax Calendar: Key Tax Deadlines for Q3
Here are some of the key tax deadlines affecting businesses and other employers during the third quarter of 2019.
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Hiring this Summer? You may Qualify for a Valuable Tax Credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC).
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Top Five Accounting Tips: Don’t Forget To Register Your Business
If you are concerned that you are missing an important step in starting a business, don’t fret; we can help you get started. One of the most commonly overlooked steps in starting a small business—and something you should do before you do almost anything else—is to register your business with your state.
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Employers: Beware of Personal Penalty for Late Payroll Tax Payments
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.”
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IRS Offers Nonprofits New Transportation Benefits Guidance
The Tax Cuts and Jobs Act (TCJA) dealt several blows to the nonprofit sector. One of them is that, effective January 1, 2018, nonprofit employers are subject to tax on transportation fringe benefits provided to employees. The IRS recently released Notices 2018-99 and 2018- 100 to provide guidance on this issue.
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