2019 – 02/08 Once you file your tax return, you may wonder: “Where’s my refund?” To find out, you can use the tools provided by the IRS. The best way to get information is to visit the IRS “Where’s My Refund?” site to access your refund status. You’ll need your Social Security number, filing status,…
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court. SE…
Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business….
2019 – 01/30 The IRS reopened following the end of the federal government shutdown, and the 2019 tax return filing season began on Jan. 28. The tax agency issued a statement that “IRS employees are working hard to resume normal operations and help taxpayers as much as possible.” It has released some information for taxpayers…
2019 – 02/01 Employers must withhold Social Security and income taxes from their employees’ wages. Employers collect these taxes each pay period, and then remit them to the IRS on a quarterly basis. If an employer willfully fails to pay over collected taxes, the IRS can impose a “trust fund recovery penalty” from a responsible…
2019 – 02/04 Are you a farmer who’s getting your records together to file your 2018 tax return? The Tax Cuts and Jobs Act changed some tax rules that may affect you. And the IRS has put together a fact sheet that sums up the changes. They concern tax rates, accounting methods and capitalization and…
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject to double taxation. Double taxation occurs when corporate income is taxed…
With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet. In either case, there’s a time-tested approach to refining your strategic plan that you should consider: a SWOT analysis. Let’s take…
2019 – 01/22 As part of the recently issued Sec. 199A QBI deduction regulations, the IRS issued guidance for certain real estate businesses. It allows individuals and entities who own rental real estate directly or through a disregarded entity to treat a rental real estate enterprise as a trade or business (for purposes of the…
2019 – 01/23 No action is likely to be taken on tax “extenders” for now. Extenders are tax provisions that the U.S. Congress periodically considers for renewal. Prior to the end of the 115th Congress, there was guarded optimism that a bill would be passed before filing season began to extend provisions that expired. However,…
2019 – 01/23 The qualified business income (QBI) deduction is beneficial, but complex and subject to limitations. There are two ways to claim the Sec. 199A QBI deduction. One involves 20% of a taxpayer’s QBI and the other uses the amount of W-2 wages paid by an employer. New IRS guidance describes how to calculate…
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by…
A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your company. But, all too easily, a business can get stuck in the mud while trying to build these thoroughfares, leaving its marketing message ineffective and, well, muddled. Here are a few…
A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain limits on…
Nowadays, data drives everything — including the very buildings in which companies operate. If your business is considering upgrading its current facility, or moving to or constructing a new one, it’s important to be aware of “smart” buildings. A smart building is one equipped with a variety of sensors that gather and track information about…
