Business Advisory
2022 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 2022. 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 applicable deadlines and to learn more about the filing requirements. Note:…
Read MoreIRS Offers Penalty Relief for 2019, 2020 Tax Years
While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020…
Read MoreSelf-Employed? Build a Nest Egg With a Solo 401(k) Plan
Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg.…
Read MoreWhy an LLC Might Be the Best Choice of Entity for Your Business
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best…
Read MoreFederal Tax News for Businesses
1. Proposed Tax Credits for Chip Manufacturers Bipartisan support in Congress for a (limited) tax bill? It’s true! The pared-down CHIPS Act, which would provide tax credits for companies to invest in semiconductor manufacturing, has support from lawmakers in both parties. The $50 billion bill would provide a 25% tax credit for U.S. businesses that…
Read MoreGood News: IRS Boosts Standard Mileage Rates for Second Half of 2022
The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It’s accompanied by a hike in the standard mileage rate for medical expenses for all taxpayers and moving expenses for active-duty military personnel…
Read More2022 Q3 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 third quarter of 2022. 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 applicable deadlines and to learn more about the filing requirements. August…
Read MoreAfter Tax Day: Take These Action Steps
The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension). Retain the requisite records Depending on the…
Read MoreDue Diligence Considerations When Selling a Business
When it comes to selling your business, you must consider the buyer’s perspective — not just your own — to get the deal done. Both sides will require certain due diligence procedures, which take time and patience to get through. Here’s what to expect, including some tax considerations. Buyers Usually Prefer Asset Deals A business sale…
Read MoreTax Issues to Assess When Converting From a C corporation to an S corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch. Here’s a quick rundown of the most important issues to…
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