Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.
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Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.
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Do you operate your business as an S corporation? Be aware that several elections are available to an S corp. or its shareholders that can affect the basis adjustments caused by distributions and other events.
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Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here’s a review at what an HSA could mean for your business, as well as the relevant inflation-adjusted amounts for 2020 and 2021.
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Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.
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Employees pay Social Security tax on their wages up to the current tax year’s “wage base..” The Social Security Administration just announced the base amount for 2021.
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The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.
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Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.
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The tax rules for treating computer software costs can be complex. Here’s a basic explanation.
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With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.
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President Trump issued an executive order on August 8, 2020 deferring the payroll tax obligation in light of the ongoing COVID-19 pandemic. The order defers the withholding, deposit and payment of payroll taxes during the period September 1, 2020 through December 31, 2020.
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If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses.
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At Jones and Kolb, we are diligently following the PPP forgiveness process. The following is a recent blog posted by the AICPA explaining why borrowers shouldn't rush their PPP loan forgiveness applications. Please call us with any questions.
Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.
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The IRS has been actively releasing various relief efforts in response to the COVID-19 pandemic. Qualified opportunity funds (QOFs) and qualified opportunity zone businesses (QOZBs) were also granted relief for certain compliance deadlines.
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For hundreds of years, businesses have engaged in bartering. It’s popular during times of economic downturns, which many businesses are suffering now due to COVID-19. But if you trade goods or services, be aware of the tax consequences.
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A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
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The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and managers with employees. Here’s why.
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The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn’t been filed yet (or you may be able to take advantage of them on an amended return if you already filed).
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A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
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