On Friday, March 27th, 2020 the President signed into law the CARES Act. This legislation contained very significant tax law changes, the majority of which are temporary and will only be relevant for the 2020 […]
CARES Act Part 1 – Business Provisions Read More »
PAID LEAVE The Families First Coronavirus Response Act was Phase 2 of the government’s plan to combat COVID19. This Act goes into effect on April 1, 2020 and requires companies to provide both limited paid
Families First Coronavirus Response Act (FFCRA) – Effective April 1, 2020 Read More »
Congress recently passed—and the President signed into law—the SECURE Act, landmark legislation that affects the rules for creating and maintaining employer-provided retirement plans. Whether you currently offer your employees a retirement plan, or are planning
The SECURE Act – What You Need to Know Read More »
Is your business depreciating over a 39-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation
Accelerate depreciation deductions with a cost segregation study Read More »
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners
The tax implications of a company car Read More »
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And
The IRS is targeting business transactions in bitcoin and other virtual currencies Read More »
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of
Businesses can utilize the same information IRS auditors use to examine tax returns Read More »
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a
Tax-smart domestic travel: Combining business with pleasure Read More »
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how
Hire your children this summer: Everyone wins Read More »
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office
What type of expenses can’t be written off by your business? Read More »
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify
Employee vs. independent contractor: How should you handle worker classification? Read More »
