What are the tax consequences of selling property used in your trade or business?
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that your bases in your partnership interests are sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your bases to zero.
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. You should speak with your CPA to ensure you’re meeting all applicable deadlines and to learn more about your filing requirements.
From its share of the American Rescue Plan Act of 2021, the Commonwealth of Massachusetts has made a total of $75,000,000 available to support small businesses negatively impacted by the COVID-19 pandemic. These funds will be administered by the Massachusetts Growth Capital Corporation (MGCC) through two different grant programs, the New Applicant Grant Program and the Inclusive Grant Program.
If you operate a business, or you’re starting a new one, you’ll need to keep records of your income and expenses. Specifically, you should carefully record your expenses to claim all the tax deductions to which you’re entitled. You’ll also want to make sure that you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.