Small Business Alert: Watch Out for the 100% Penalty
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from […]
Are You a Tax-Favored Real Estate Professional?
For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only […]
6 Essential Tips for Small Business Payroll Tax Compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick […]
5 Business Succession Options and Their Tax Implications
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders […]
Exploring Business Entities: Is an S Corporation the Right Choice?
Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture.
Ways to Manage the Limit on the Business Interest Expense Deduction
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA […]
How a Business Owner’s Home Office Can Result in Tax Deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS […]
New IRS Guidance on ERTC Refunds
On March 21, 2025, the IRS released […]
Do You Have an Excess Business Loss?
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to […]
Questions About Taxes and Tips? Here Are Some Answers for Employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal […]
