Tax-Wise Ways to Take Cash from your Corporation while Avoiding Dividend Treatment
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash […]
Taking Your Spouse on a Business Trip? Can You Write Off the Costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit […]
What’s the Best Accounting Method Route for Business Tax Purposes?
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. […]
9 Tax Considerations if you’re Starting a Business as a Sole Proprietor
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need […]
Update on IRS Efforts to Combat Questionable ERTC Claims
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling […]
Should Your Business Offer the New Emergency Savings Accounts to Employees?
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision […]
Tax-Favored Qualified Small Business Corporation Status Could Help Your Thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.
Tax-free treatment […]
Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social […]
Defer a Current Tax Bill with a Like-Kind Exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the […]
Treasury and IRS Issue Guidance on the Qualified Alternative Fuel Vehicle Refueling Property Credit
As reported via IR-2024-16 on 1/19/2024
The Internal Revenue Service and the Department of the Treasury today issued
