MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. Contact us for tax help today. Failure to properly pay 941 payroll taxes can result in severe penalties, including fines and criminal charges.

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MyIRSRelief

MAY 1, 2024

Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon. This article dives deep into the critical role of tax professionals for small businesses.

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VetCPA

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

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DentalAccounting

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

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ThomsonReuters

MARCH 1, 2024

Contributions to a shareholder/employee’s retirement plan are also tax exempt. Healthcare insurance: Healthcare premiums can be expensed as wages and are therefore deductible, which exempts them from FICA taxes. Therefore, business owners can save on taxes by having the S corp pay for their healthcare coverage.

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CPA Practice

MARCH 7, 2023

For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. Also, new in 2023, the Inflation Reduction Act imposes a corporate alternative minimum tax for companies with over $1 billion in profits.

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LyfeAccounting

APRIL 22, 2021

To help you get started, here are a few of the top tax credits available for small business owners at this time: Opportunity Zone Credit. Small Business Healthcare Tax Credit. Business Energy Tax Investment Credit. Here’s a full list of business tax credits from the IRS website.

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