article thumbnail

How Inflation and Supply Chain Disruptions Can Increase Your Business’ Tax Bill

Withum

While you might view the examples that were provided as immaterial, industries that commonly use LIFO – including pharmaceutical distributors, specialty retailers, industrial equipment, farm equipment, furniture businesses, and the automotive industry – are seeing significant increases in their tax bills. Contact Us.

article thumbnail

IRS Issues Favorable QSBS Tax Ruling for Businesses

Withum

The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. Recall that if a trade or business is not within an exclusion, then it is a QTB and thus eligible for an exclusion if the other QSBS requirements are met. Business Tax Services.

Tax 126
article thumbnail

Will Congress Say Bah Humbug To Small Businesses?

Withum

No matter what field of practice, the need for research is clear and is highlighted in some of the biggest industries in the United States, including health and medicine, public education, the automotive industry, and pharmaceuticals. Let’s Chat The post Will Congress Say Bah Humbug To Small Businesses?