Expert insights. Personalized for you.
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA. MORE
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. If, instead, you use the standard mileage rate (56 cents per business mile driven for 2021), a depreciation allowance is built into the rate. MORE
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Small Business Tax Briefs Divorce MORE
While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the business tax highlights of ARPA. Small Business Tax Briefs ARPA MORE
Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes MORE
Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes MORE
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. The post Large Cash Transactions with your Business must be Reported to the IRS appeared first on Roger Rossmeisl, CPA. MORE
?. More than half of all businesses in the United States are now home based. And if you own a home-based small based business or thinking about starting one, I can see why. And best of all, you get to save on taxes. How to Claim Home-Based Business Tax Deductions. MORE
One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. MORE
Whether you know it or not, you could be leaving hundreds—even thousands—of dollars on the table by missing a few lesser-known small business tax deductions. Avoid overpaying taxes this year by making sure you’ve reviewed all small business deductions to see if you qualify. MORE
As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Put very simply, the more you earn on paper, the more taxes you pay. MORE
On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given. MORE
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. A business may also provide the worker with fringe benefits if it makes them available to other employees. MORE
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas. MORE
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Small Business Tax Briefs Choice of Entity MORE
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. MORE
Business Tax Professionals. The tax rules and regulations U.S. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. “We’re Uncategorized Checkpoint US Tax Refor MORE
As we continue to come out of the COVID-19 pandemic, you may be traveling for business again. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. The post Traveling for Business Again? MORE
Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. I typically recommend reviewing three to five years of tax returns, but the further you can go back, the better the picture you will get of the personal or business finances. MORE
Are employees at your business traveling again after months of virtual meetings? Background information A simplified alternative to tracking actual business travel expenses is to use the high-low per diem method. Small Business Tax Briefs Per Diem Travel Rates MORE
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Here are some tax rules and considerations involved in operating with that entity. Your business expenses are. MORE
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. MORE
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax Court case. MORE
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. Small Business Tax Briefs National Small Business Week MORE
Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code. Under the state’s tax rules, prescription drug sales are exempt from gross receipt taxes. MORE
As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Want to save on taxes? Business loans made to clients. MORE
With so many day-to-day responsibilities that go into running a small business, such as inventory accounting, staffing, bookkeeping, and marketing, it can be easy to forget about the tax deadline. Yet, before you know it, their tax deadline came and went. . State Tax Extension. MORE
SEPs are intended as an alternative to “qualified” retirement plans, particularly for small businesses. The post Simple Retirement Savings Options for your Small Business appeared first on Roger Rossmeisl, CPA. Small Business Tax Briefs EBP Employee Benefit Plan SIMPLE IRAs MORE
If you’re considering buying or selling a business — or you’re in the process of an M&A transaction — it’s important that both parties report it to the IRS and state agencies in the same way. MORE
Small Business Tax Briefs COVID ExtensionsThe U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-related deadline extensions that apply to health care benefits plans. MORE
Sweden is looking to become an epicenter for entrepreneurs and hopes to entice small businesses to set up shop, thanks to tax legislation changes in the country. 5) in Reuters noted Sweden, which has its sights set on having the lowest unemployment rate in Europe by the end of the decade, is planning to cut taxes for small businesses that are hiring their first employees. Reports said legislators are also planning to lessen payroll taxes for small businesses. MORE
In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses. MORE
This week marks the end of another tumultuous tax filing season. With the last minute legislative changes, software update delays, and IRS service issues — this very well might have been the most disrupted and difficult tax season in decades. But despite an exhausting tax season, we’re never done, and we’re always here for YOU – including for a business tax return review. 4 Next Steps for Business Tax Return Review. MORE
Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. This may be either a business or a nonbusiness bad debt deduction. A business bad debt can be. MORE
Most notably, you can now use the loan to pay other business debts (previously, you had to “certify” that you would use funds for operating expenses and not pay down debt). The 6-month run for employee subsidies and employer tax credits to help pay for COBRA health insurance. MORE
3) that it will pay a portion of its state business taxes in Ohio in bitcoin, becoming the first major U.S. company to pay state taxes in bitcoin. In a press release , Overstock said it plans to pay its commercial activity taxes (CAT) in Ohio this coming February using the state’s recently launched OhioCrypto.com platform, which lets taxpayers pay state business taxes with bitcoin. Cryptocurrency bitcoin cryptocurrency News ohio taxes What's Hot MORE
Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or §199A deduction. The deduction has two components: 20% of QBI from a domestic business operated as. MORE
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. Because taxes are considered property of the government, the employer holds them in “trust” on the government’s behalf until they’re paid over. MORE
Automotive Current Events Small Business Tax Briefs American Rescue Plan Act ARPA Automobile Dealership CPA Firm automotive cpa MORE
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. Census Bureau reports that business applications are up 18.6%. Small Business Tax Briefs Automobile Dealership CPA Firm automotive cpa Start-up Expenses MORE
A business may be able to claim a federal income tax deduction for a theft loss. Tax Court decision illustrates how that’s sometimes difficult to do. Small Business Tax Briefs Automobile Dealership CPA Firm automotive cpa Embezzlement Theft Loss Deduction MORE
Business information firm Thomson Reuters is teaming up with global tax company KPMG to offer Australia businesses a solution to deal with fringe benefits taxes (FBT), Thomson Reuters announced Thursday (Feb. MORE
SEPTEMBER 26, 2021
50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Small Business Tax Credit. California Assembly Bill No. MORE
But before we leave taxes in the rearview, let’s address an unfortunate reality: as a business owner, you have a greater number of tax reporting obligations than a regular person has. (Of Of course, you have MANY more tax-savings opportunities as well.). But with those increased obligations comes increased opportunity for things to slip through the cracks, potentially resulting in business tax penalties and interest charges from the IRS. MORE
business tax Related Topics RogerRossmeisl
SEPTEMBER 26, 2021
50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Small Business Tax Credit. California Assembly Bill No.
MazumaBusinessAccounting
JUNE 4, 2021
Whether you know it or not, you could be leaving hundreds—even thousands—of dollars on the table by missing a few lesser-known small business tax deductions. Avoid overpaying taxes this year by making sure you’ve reviewed all small business deductions to see if you qualify.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
FraudFiles
OCTOBER 19, 2021
Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. I typically recommend reviewing three to five years of tax returns, but the further you can go back, the better the picture you will get of the personal or business finances.
KROST
OCTOBER 21, 2021
In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses.
SkagitCountyTaxServices
AUGUST 26, 2021
One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses.
MyIRSRelief
DECEMBER 1, 2020
As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Put very simply, the more you earn on paper, the more taxes you pay.
MyIRSRelief
DECEMBER 1, 2020
As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Want to save on taxes? Business loans made to clients.
SkagitCountyTaxServices
SEPTEMBER 22, 2021
Most notably, you can now use the loan to pay other business debts (previously, you had to “certify” that you would use funds for operating expenses and not pay down debt). The 6-month run for employee subsidies and employer tax credits to help pay for COBRA health insurance.
RogerRossmeisl
MARCH 25, 2021
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Here are some tax rules and considerations involved in operating with that entity. Your business expenses are.
SmallBusinessAccounting
DECEMBER 1, 2020
Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes
SkagitCountyTaxServices
MAY 19, 2021
This week marks the end of another tumultuous tax filing season. With the last minute legislative changes, software update delays, and IRS service issues — this very well might have been the most disrupted and difficult tax season in decades. But despite an exhausting tax season, we’re never done, and we’re always here for YOU – including for a business tax return review. 4 Next Steps for Business Tax Return Review.
LyfeAccounting
NOVEMBER 10, 2020
?. More than half of all businesses in the United States are now home based. And if you own a home-based small based business or thinking about starting one, I can see why. And best of all, you get to save on taxes. How to Claim Home-Based Business Tax Deductions.
RogerRossmeisl
OCTOBER 12, 2021
Are employees at your business traveling again after months of virtual meetings? Background information A simplified alternative to tracking actual business travel expenses is to use the high-low per diem method. Small Business Tax Briefs Per Diem Travel Rates
|
RogerRossmeisl
JULY 14, 2021
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses.
RogerRossmeisl
SEPTEMBER 17, 2021
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. Small Business Tax Briefs National Small Business Week
PYMNTS
FEBRUARY 6, 2020
Business information firm Thomson Reuters is teaming up with global tax company KPMG to offer Australia businesses a solution to deal with fringe benefits taxes (FBT), Thomson Reuters announced Thursday (Feb.
RogerRossmeisl
AUGUST 27, 2021
Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. This may be either a business or a nonbusiness bad debt deduction. A business bad debt can be.
PYMNTS
JANUARY 29, 2019
Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code. Under the state’s tax rules, prescription drug sales are exempt from gross receipt taxes.
RogerRossmeisl
AUGUST 15, 2021
On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given.
RogerRossmeisl
AUGUST 5, 2021
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. Census Bureau reports that business applications are up 18.6%. Small Business Tax Briefs Automobile Dealership CPA Firm automotive cpa Start-up Expenses
SkagitCountyTaxServices
MAY 26, 2021
But before we leave taxes in the rearview, let’s address an unfortunate reality: as a business owner, you have a greater number of tax reporting obligations than a regular person has. (Of Of course, you have MANY more tax-savings opportunities as well.). But with those increased obligations comes increased opportunity for things to slip through the cracks, potentially resulting in business tax penalties and interest charges from the IRS.
RogerRossmeisl
JULY 30, 2021
As we continue to come out of the COVID-19 pandemic, you may be traveling for business again. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. The post Traveling for Business Again?
RogerRossmeisl
JULY 27, 2021
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax Court case.
RogerRossmeisl
JULY 27, 2021
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due.
RogerRossmeisl
SEPTEMBER 6, 2021
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Small Business Tax Briefs Divorce
AbeyeHailu
DECEMBER 1, 2020
Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes
RogerRossmeisl
AUGUST 3, 2021
Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or §199A deduction. The deduction has two components: 20% of QBI from a domestic business operated as.
RogerRossmeisl
SEPTEMBER 17, 2021
A business may be able to claim a federal income tax deduction for a theft loss. Tax Court decision illustrates how that’s sometimes difficult to do. Small Business Tax Briefs Automobile Dealership CPA Firm automotive cpa Embezzlement Theft Loss Deduction
RogerRossmeisl
AUGUST 4, 2021
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. Because taxes are considered property of the government, the employer holds them in “trust” on the government’s behalf until they’re paid over.
RogerRossmeisl
MARCH 22, 2021
While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the business tax highlights of ARPA. Small Business Tax Briefs ARPA
RogerRossmeisl
SEPTEMBER 27, 2021
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. If, instead, you use the standard mileage rate (56 cents per business mile driven for 2021), a depreciation allowance is built into the rate.
RogerRossmeisl
JUNE 10, 2021
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. A business may also provide the worker with fringe benefits if it makes them available to other employees.
ThomsonReuters
DECEMBER 14, 2020
Business Tax Professionals. The tax rules and regulations U.S. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. “We’re Uncategorized Checkpoint US Tax Refor
RogerRossmeisl
MAY 26, 2021
SEPs are intended as an alternative to “qualified” retirement plans, particularly for small businesses. The post Simple Retirement Savings Options for your Small Business appeared first on Roger Rossmeisl, CPA. Small Business Tax Briefs EBP Employee Benefit Plan SIMPLE IRAs
RogerRossmeisl
OCTOBER 6, 2021
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.
RogerRossmeisl
SEPTEMBER 6, 2021
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA.
RogerRossmeisl
AUGUST 25, 2021
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. The post Large Cash Transactions with your Business must be Reported to the IRS appeared first on Roger Rossmeisl, CPA.
RogerRossmeisl
MARCH 12, 2021
Automotive Current Events Small Business Tax Briefs American Rescue Plan Act ARPA Automobile Dealership CPA Firm automotive cpa
RogerRossmeisl
SEPTEMBER 30, 2021
If you’re considering buying or selling a business — or you’re in the process of an M&A transaction — it’s important that both parties report it to the IRS and state agencies in the same way.
RogerRossmeisl
AUGUST 23, 2021
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Small Business Tax Briefs Choice of Entity
PYMNTS
JANUARY 3, 2019
3) that it will pay a portion of its state business taxes in Ohio in bitcoin, becoming the first major U.S. company to pay state taxes in bitcoin. In a press release , Overstock said it plans to pay its commercial activity taxes (CAT) in Ohio this coming February using the state’s recently launched OhioCrypto.com platform, which lets taxpayers pay state business taxes with bitcoin. Cryptocurrency bitcoin cryptocurrency News ohio taxes What's Hot
RogerRossmeisl
MARCH 31, 2021
Small Business Tax Briefs COVID ExtensionsThe U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-related deadline extensions that apply to health care benefits plans.
PYMNTS
SEPTEMBER 6, 2017
Sweden is looking to become an epicenter for entrepreneurs and hopes to entice small businesses to set up shop, thanks to tax legislation changes in the country. 5) in Reuters noted Sweden, which has its sights set on having the lowest unemployment rate in Europe by the end of the decade, is planning to cut taxes for small businesses that are hiring their first employees. Reports said legislators are also planning to lessen payroll taxes for small businesses.
156 
Let's personalize your content