IRS Releases Updated Cost Segregation Audit Techniques Guide
On 6/1/22, the IRS made available an update to the “Cost Segregation Audit Techniques Guide” (
Partners May Have to Report More Income on Tax Returns than they Receive in Cash
Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed […]
Preparing for the Lower 1099-K Filing Threshold
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the […]
Inflation Enhances the 2023 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts […]
Calculating Corporate Estimated Tax
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated […]
Businesses May Receive Notices About Information Returns That Don’t Match IRS Records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records.
The Tax Mechanics Involved in the Sale of Trade or Business Property
What are the tax consequences of selling property used in your trade or business?
Tax Considerations When Adding a New Partner at Your Business
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a […]
Tax Issues to Assess When Converting From a C 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 […]
Fully Deduct Business Meals This Year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the […]
