/Tax Planning

Four Retroactive Tax Relief Opportunities for your Business from the CARES Act

By |2020-06-30T01:42:10+00:00June 30th, 2020|Categories: COVID 19, Tax Planning|Tags: , , , |

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Four Retroactive COVID-19 Business Relief Provisions   The Coronavirus Aid, Relief and Economic Security (CARES) Act, which [...]

Thorough business records are important for tax deductions and painless IRS audits

By |2020-06-17T23:45:12+00:00June 17th, 2020|Categories: Audit & Accounting, Business Advice, Tax Planning|Tags: , , , , |

Small businesses: take a proactive approach to recordkeeping If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re [...]

COVID-19 Tax Relief Impact on Your Financial Statement

By |2020-06-12T16:43:27+00:00April 30th, 2020|Categories: Audit & Accounting, COVID 19, Tax Planning|Tags: , , |

CARES Act contains several tax-related provisions for businesses impacting financial statement reporting, changes aim to help improve operating cash flow.

“Qualified improvement property” aided by CARES Act

By |2020-05-07T22:45:37+00:00April 24th, 2020|Categories: Articles, Blog, COVID 19, News, Tax Planning|Tags: , , |

Coronavirus law contains tax rules changes for improvements to interior parts of nonresidential buildings known as qualified improvement property (QIP).

Employment Tax Deposit Relief Due to COVID-19

By |2020-05-07T22:46:57+00:00April 21st, 2020|Categories: COVID 19, News, Tax Cuts and Jobs Act, Tax Planning|Tags: |

The IRS has reissued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the Coronavirus (COVID-19) pandemic.

The IRS Issues Answers to Frequently Asked Questions About the CARES Act Employee Retention Tax Credit

By |2020-04-28T23:51:21+00:00April 7th, 2020|Categories: Blog, COVID 19, News, Tax Planning|

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a [...]

Your “brand” has commercial value and is taxable

By |2020-06-05T18:53:14+00:00July 23rd, 2019|Categories: Business Advice, Tax Planning|Tags: , , |

Federal Tax News Your Brand Generally, income generated by a self-employed taxpayer's trade or business is subject to self-employment tax. One successful author received royalty income from publishing contracts for her writing, her name and her likeness. She claimed that amounts received for her name and likeness (her "brand") were investment income, and [...]

Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends

By |2018-10-12T18:14:28+00:00October 8th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , |

Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for those with relatively low income. But, if your income is too high [...]

Tax Reform 2.0 – Here’s what you need to know

By |2018-09-25T21:40:44+00:00September 19th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , |

On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family [...]

IRS issues proposed regulations on the pass-through business income deduction

By |2018-08-31T18:10:20+00:00August 13th, 2018|Categories: Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , , , |

The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law late last year. It has also been referred to as the pass-through deduction, the QBI deduction or [...]

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