If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate.
Effective in March 2024, the US Department of Labor has issued a final rule on how workers are classified under the Fair Labor Standards Act (FLSA). This rule was issued to assist employers in determining the status of employees vs. independent contractors, which is especially critical in managing minimum wage and overtime requirements.
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
It is generally a best practice for businesses to maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal—the first-year Section 179 depreciation deduction, and the first-year bonus depreciation deduction. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results.