Tax Breaks to Consider During National Small Business Week

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.

Claiming a Theft Loss Deduction if Your Business is the Victim of Embezzlement

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do.

The Tax Implications of Getting a Divorce

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.

Is an LLC the Right Choice for Your Small Business?

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. Here are the basics of operating as an LLC and why it might be appropriate for your business.

The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.

IRS Improves Online Tools for Taxpayers and Tax Professionals

The IRS launched a new feature on their website this week giving taxpayers digital control over who can represent them or view their tax records. This groundbreaking new feature is one of many recent changes to the IRS’ online tools for individuals, making it easier than ever for taxpayers to manage their records online.

The Dirty Dozen: The Latest Tax Scams to Be on the Lookout For, According to the IRS

Every year, the IRS publishes a list of the latest, most prevalent tax scams. This list, called the Dirty Dozen, serves as a warning to taxpayers, tax professionals and financial institutions, and the IRS urges everyone to remain vigilant in protecting themselves against these and other tax scams.

Hiring? You Could Be Eligible for the Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) is a Federal tax credit created as an incentive to employers to hire individuals from certain target groups that have consistently faced significant barriers to employment. The Consolidated Appropriation Act of 2021 extended the WOTC until December 31, 2025, giving employers additional time to make qualifying hires and claim the credit.

2021 Advance Child Tax Credit Payments: Everything You Need to Know

Starting this summer, many families will receive advance payments of their child tax credit, thanks to changes made in The American Rescue Plan Act (ARPA).

New York State Enacts Highly Anticipated Pass-Through Entity Tax

On April 19, New York State passed a budget bill that included a Pass-Through Entity (PTE) tax election that impacts partnerships, limited liability companies treated as partnerships, and S-corporations.