In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs. No more…
It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering a data breach without an emergency response plan…
2019 – 04/04 Self-employed? A key deadline is approaching. The IRS is reminding self-employed individuals, retirees, investors and others who pay their taxes quarterly that the first estimated tax payment for tax year 2019 is due 4/15/19 for most of these taxpayers. The Tax Cuts and Jobs Act changed the way tax is calculated for…
2019 – 04/05 Do you have a foreign bank account or financial account? The IRS is reminding U.S. citizens and resident aliens that an important deadline is approaching. Form 114 (“Report of Foreign Bank and Financial Accounts,” or FBAR) must be filed by 4/15/19. Holders of foreign assets should check to see if they have…
2019 – 04/08 Mythbusters: The IRS is dispelling five myths about tax refunds. With the tax filing deadline looming, the IRS has provided an information sheet that helps taxpayers better understand the refund process and debunks tax refund myths circulating on social media. According to the IRS, the easiest way to check on a refund…
2019 – 04/09 Accounts receivable (AR) data measures how effectively a business collects the money it is owed. This is meaningful information in all businesses, but holds special importance for healthcare practices where billing can be complex and involves both private and insurance payers. Analysis of AR data provides key performance indicators (KPI) that can…
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it. Transferring property tax-free You can generally divide most…
Absenteeism has typically been a thorn in the side of many companies. But there’s a flip side to employees failing to show up to work: “presenteeism.” This is when employees come in to work unwell or put in excessive overtime. Now you probably appreciate and respect workers who are team players and go the extra…
2019 – 03/28 Every taxpayer has rights when dealing with the IRS. Taken from the tax code, those rights are presented in IRS Pub. 1, “Your Rights as a Taxpayer.” They include the right to be informed, with clear explanations so that you know how to comply with the tax code. Also, you have the…
2019 – 03/28 The IRS is revising the Employer Identification Number (EIN) process. Anyone filing a tax return or other documents with the IRS must provide a taxpayer ID number. One way that employers, estates, and certain others do so is with an EIN. The IRS has announced that, as of 5/13/19, to obtain a…
2019 – 03/27 The tax credit for buying certain plug-in electric vehicles begins a phaseout on April 1. The IRS announced that General Motors (GM) has sold more than 200,000 vehicles eligible for the credit in the 4th quarter of 2018, which has triggered the phaseout. Qualifying GM vehicles are eligible for a $7,500 credit…
2019 – 03/27 When a taxpayer sells a personal residence, a loss isn’t tax deductible. A loss is deductible if a property is converted to income-producing purposes before a sale. In one case, a couple claimed a loss deduction on their tax return for a home that they’d allegedly renovated to sell as an income-producing…
Merger and acquisition activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest)….
As an individual, you’ve no doubt been urged to regularly check your credit score. Most people nowadays know that, with a subpar personal credit score, they’ll have trouble buying a home or car, or just getting a reasonable-rate credit card. But how about your business credit score? It’s important for much the same reason…
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing…
