In business and investment activities, it is often necessary to create partnerships, or multi-member LLCs that are treated as partnerships, for tax purposes. These entities offer several federal income tax advantages, the most important of which is pass-through taxation. They also must comply with unique and sometimes complicated federal income tax rules.
The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire, and how politicians in Washington would like to handle it.
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities.
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted.
Cryptocurrency has revolutionized the financial world, offering new opportunities for investment, spending, and innovation. However, with great opportunity comes significant responsibility, particularly in the realm of tax compliance. As the popularity of digital currencies like Bitcoin, Ethereum, and others continues to grow, so does the scrutiny from tax authorities. Understanding what constitutes a taxable event and how to stay compliant is crucial for any cryptocurrency enthusiast.
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.
In 2017, the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code for individuals and businesses. Now, many of those provisions are set to expire at the end of 2025.
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
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.
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations.
