Your 2022 Tax Calendar: Q3 Deadlines for Businesses & Employers

Here are some of the key tax-related deadlines impacting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

How to Apply the Research Credit Against Payroll Taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses to undertake or increase their research activities. On the other hand, if you’re engaged in or are planning to engage in research activities without regard to tax consequences, be aware that some tax relief could be in your future.

The Truth About Business Bartering

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade, and the internet has made it easier to engage with other businesses. But if your business gets involved in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties.

Cryptocurrency Mining: How Are Staking Rewards Reported?

Cryptocurrencies continue to be a growing asset class, but with limited guidance from the IRS and treasury--and differing points of view on whether certain forms of cryptocurrency are assets, income, or securities--many are left wondering how to tax and report them properly.

Taking the Opposite Approach: Ways Your Business Can Accelerate Taxable Income and Defer Deductions

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to?

Selling Business Property? Everything You Need to Know

What are the tax consequences of selling property used in your trade or business?

Adding a New Partner to Your Business? Key Tax Issues to Consider

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.

The Truth about Tax Withholding

As CPAs, we are often asked about federal tax withholding — “How do I know if I am withholding the correct amount?” or “If I change my withholding amount, will I owe less at tax time?” By understanding how federal tax withholding works, you can avoid a surprise during tax season.

Converting from a C-Corp to an S-Corp? 4 Tax Issues to Consider.

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch.

Fully Deduct Business Meals This Year

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).