Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons.
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer.
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.
If you own any real estate investments, you may be interested in a tax break called a 1031 exchange. A 1031 exchange, also called a like-kind exchange, essentially allows real estate investors to swap one property for another, while deferring capital gains tax.
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 65.5 cents. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the expenses of buying, leasing or developing computer software.
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors:
The United States has taxed the estates of decedents since 1916, and gifts since 1924, with tax rates and exemption levels that have varied greatly over the last two decades. Massachusetts is one of several states in the country that has a state estate tax. Among those states, Massachusetts is one of two states with the lowest estate value that is subject to tax.
During this week’s midterm election, Massachusetts voters approved Question 1 – an amendment to the state’s constitution that will increase taxes for the commonwealth’s wealthiest residents.
