Category Corporations

23
May

Tax deductions for business purposes

One of the most misunderstood concepts that our clients find confusing every year around tax time has to do with business expenses, assets, and depreciation. Specifically, when you spend money on something for your business, how does that get reflected at tax time? Many people are familiar with the concept of depreciating assets, but it’s …

4
Feb

Will I owe tax when I trade in my business vehicle?

Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers could exchange like-kind business property (such as trading in a business vehicle) and defer any gain until the property was ultimately sold. Property that was eligible for this tax-free exchange included both real and personal property. If you traded in a business vehicle in 2017 …

3
Dec

Preparing for Year End

Preparing for Year End As the end of the year approaches, it can be confusing to decide what information you need to get together and send to your accountant. We all know that January 1st will be here before we know it, so we have put somethings together to help your business out. To Prepare …

26
Jan

New Email Phishing Scam Targeting QuickBooks Users

On January 25, the Better Business Bureau issued a warning about a new email phishing scam that targets the users of Intuit’s QuickBooks accounting software programs.  The scam email contains a subject line of “QuickBooks Support: Change Request” and looks like a legitimate email from Intuit.  The body of the email requests a confirmation about …

1
Sep

Upcoming Deadlines

Can you believe it is September already?  As we head towards the fourth quarter, it’s time to start thinking about the upcoming deadlines remaining this year.  There are tax deadlines coming up, and the deadline for implementing new Department of Labor regulations. September 15th: Third quarter estimate – If you have business income, investment income,  1099 income, or …

18
May

Overtime Regulations Have Passed!

The new overtime regulations for full-time workers have passed.  Employers will now be required to pay time and a half for overtime if a full-time worker makes less than $47,476 per year.  While this is less than the originally proposed amount of $50,400, it it about double the previous threshold of $23,660.  If an employee works …

4
Jan

Capitalization De Minimis Safe Harbor

A common question we deal with is when to capitalize and depreciate assets rather than expensing them.  It is often advantageous for a client to be able to expense smaller purchases rather than setting them up in depreciation schedules and either dealing with Section 179 rules or delaying the full deduction.  The IRS has provided …

18
Dec

Tax Extender Bill Passed

The $680 billion tax extender bill has passed.  It seems that every December, taxpayers and business owners are anticipating the tax extender bill nearly as much as the holidays.  The Protect Americans from Tax Hikes (PATH) Act of 2015 has arrived gift-wrapped and just in time.  This year there was a major change from prior …

27
Aug

Labor Department Guidance on Worker Classification

The Federal Labor Department has offered some new guidance on the difference between contractors and employees.  The Labor Department has authority to do so under the Fair Labor Standards Act, although some argue that the new guidance contradicts previous court rulings. There has always been tension between employers and regulators when it comes to worker …

8
Jul

The NYSE Shut Down… and It Was a Big Non-Event

Late this morning, the NYSE shut down due to an IT malfunction. The SEC, FBI, the Treasury Department, and the White House have released statements indicating that this was not an act of cyber terrorism. All of the agencies continue to monitor the situation. The glitch was solely due to an internal malfunction of the …

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