Business Tax

Employee Retention Tax Credit

March 16, 2023

As we roll into tax season, a tax credit that began in the early days of COVID is back in the news, offering small businesses both the opportunity to save money … and the potential for problems. The Employee Retention Tax Credit (ERC) was designed to reward small businesses that kept their employees on payroll…

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New Rules in 2023 Take a Bite out of Business Meal Deductions

February 20, 2023

If you’ve splurged on expensive meals for business associates or sprung for high-priced tickets to sporting events or concerts for clients in the past, take heed: the tax deductions aren’t what they used to be. Prior to the Tax Cuts and Jobs Act (TCJA) of 2018, businesses could deduct up to 50% of entertainment and…

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Highlights of New Guidance for the Corporate Alternative Minimum Tax (CAMT)

February 9, 2023

Just in time for tax season, on December 27, 2022, the IRS released  Notice 2023-7, which provides interim guidance for some year-end and time-sensitive questions regarding the Corporate Alternative Minimum Tax (CAMT). The Notice also expresses the Treasury’s intention to issue additional guidance on the subject before publishing proposed regulations. What is Corporate Alternative Minimum…

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IRS & Dept. of Labor Renew Agreement to Collaborate Against Worker Misclassification

January 3, 2023

On December 14, 2022, the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) announced that they are renewing a memorandum of understanding (MOU), which allows the two agencies to collaborate in their efforts to address employee misclassification. The goal of the MOU is to streamline investigations into businesses that misclassify their employees…

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K-2 And K-3 Domestic Filing Exception Expanded for Partnerships and S Corporations

December 28, 2022

The IRS recently issued draft partner instructions and partnership instructions affecting domestic partnerships and their filing requirements for their 2022 tax returns. The new drafts expand the scope of the domestic filing exception, making it easier for partnerships and S corporations to qualify for an exception to filing Schedules K-2 and K-3. What Are Schedules…

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6 Ways to Get a Jump Start on Tax Season

December 14, 2022

Tax season is still a few months off, but it will be here before we know it, and it’s never too soon to get a jump on your taxes. Remember, the sooner your file, the sooner you’ll get your refund. A few simple steps now can ensure a smooth tax season with no unpleasant surprises.…

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Year-End Tax Letter 2022

December 12, 2022

Our 2022 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2022 and 2023 payroll tax requirements, employee benefits…

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When Can I Expect My Tax Refund?

November 23, 2022

There were—and still are—plenty of horror stories to go around in 2022 about delayed tax refunds. As of November 4, 2022, the IRS had still not processed 4.2 million individual returns from 2021. Fortunately, things will probably go a little more smoothly this coming year. Better funding and fewer disruptions from COVID mean the Service…

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What is a 1099-K? How New IRS Reporting Rules May Affect Gig Workers and Merchants

November 16, 2022

Starting in early 2023, millions of people will begin receiving 1099-K forms, many of them for the first time. Most of the recipients will be small business merchants or “gig economy” workers and independent contractors. The reason for the influx of 1099-Ks is the American Rescue Plan Act (ARPA) of 2021, which lowered the reporting…

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Defer Taxes and Save Money with a 1031 Exchange

November 10, 2022

Wouldn’t it be great if there was a way to sell your current real estate investments and defer capital gains taxes indefinitely? Actually, there is. Savvy investors can use 1031 exchanges to save on taxes by “swapping” one property for another. The method gets its name from Section 1031 of the Internal Revenue Code and…

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