The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that.
Update on IRS Efforts to Combat Questionable Employee Retention Tax Credit Claims
Posted by Nick Wheeler, CPA on Feb 05, 2024
Posted in Business Tax
2024 Q1 Tax Calendar: Key Deadlines For Businesses and Other Employers
Posted by Jessica L. Pagan, CPA on Jan 24, 2024
Here are some key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.
Posted in Business Tax
Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive
Posted by Lesley L. Price, CPA on Jan 23, 2024
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.
Posted in Business Tax
The Standard Business Mileage Rate Will Be Going Up in 2024
Posted by Murry Guy, CPA on Jan 17, 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup, or panel truck will be 67 cents (up from 65.5 cents for 2023).
Posted in Business Tax
As 2023 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2023 and beyond, as many employers continue to deal with remote or hybrid workforces.
Posted in Business Tax
Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks
Posted by Jessica L. Pagan, CPA on Dec 12, 2023
The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business, and is the value taxable to the recipients?
Posted in Business Tax
A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow. However, the rules covering the ability to use or change certain accounting methods are often complex, and the procedures for changing methods depend on the mechanism for receiving IRS consent — that is, whether the change is automatic or non-automatic. Many method changes require an application to be filed with the IRS prior to the end of the year for which the change is requested.
Posted in Business Tax
A Company Car Is a Valuable Perk but Don't Forget About Taxes
Posted by Nick Wheeler, CPA on Dec 04, 2023
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the nontax benefit of using a company car.) Even better, current federal tax rules make the benefit more valuable than it was in the past.
Posted in Individual Tax, Business Tax
Key 2024 Inflation-Adjusted Tax Parameters for Small Businesses and Their Owners
Posted by Lesley L. Price, CPA on Dec 01, 2023
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.
Posted in Business Tax
There Still May Be Time to Reduce Your Small Business 2023 Tax Bill
Posted by Jessica L. Pagan, CPA on Nov 29, 2023
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities.
Posted in Business Tax