Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million...
The S corporation continues to be a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. But these benefits come at a price. S corporations must comply with strict requirements that limit the number and...
To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. Here’s a look at an overview of the modifications, which are...
Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myriad others that are similar, you’re likely a gig worker — part of a growing...
To provide tax relief to businesses suffering during the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act temporarily relaxes the limitation on deductions for business interest expense. Limitations under the Tax Cuts and Jobs Act[spacer height="20px"] Before the Tax Cuts and Jobs Act (TCJA),...
In October of 1999, the world was strikingly different. The World Trade Center’s Twin Towers were still gleaming above NYC and businesses worldwide were frantically patching computer code to prepare for the Y2K bug. There was an air of excitement as the new millennium was...
More than ever, it is important for individuals and businesses to enter into detailed tax planning. Due to the complexity of the tax law, the details are often left to the tax advisor, but having a basic understanding of how the new tax reform may...
Businesses that acquire, construct or perform capital improvements to buildings could find additional deduction benefits through a cost segregation study. It is a strategic tool to accelerate depreciation expense. Combining tax accounting and engineering techniques allows the acceleration of certain depreciation costs, therefore reducing tax...
IRS Guidance Issued Regarding Meals and Entertainment Deductions The IRS has issued some much-anticipated guidance on Section 274, which was significantly impacted by of the Tax Cuts and Jobs Act of 2017 (Tax Act), addressing meals and entertainment deductions. Significant tax law changes are affecting which...
In the Tax Cuts and Jobs Act of 2017 (Tax Act), changes to business taxation are considerable and comprehensive. Because many of our clients are structured as pass-through entities and small businesses, we wanted to address several of the most significant changes for 2018 tax...