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Business Tax Articles

 

Year-End Tax Planning Moves for Small Businesses

Year-End Tax Planning Moves for Small Businesses

Posted by Kerry Roets on October 17, 2019

Due to political gridlock, federal tax law hasn't changed much since the Tax Cuts and Jobs Act was enacted. Most of the provisions affecting businesses went into effect last year, so the year-end tax planning strategies that worked for 2018 may still be valid for the current tax year, but your specific tax situation might be different.

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New Business Travel Per Diem Rates Announced for 2020

New Business Travel Per Diem Rates Announced for 2020

Posted by Kevin Smeader on October 08, 2019

Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals, and incidentals, some employers opt to pay fixed travel per diems.

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14 Tax-Favored Fringe Benefits: What’s the Right Mix for Your Business?

14 Tax-Favored Fringe Benefits: What’s the Right Mix for Your Business?

Posted by Mark Stack on October 04, 2019

Unfortunately, the Tax Cuts and Jobs Act eliminated tax deductions for certain employee transportation fringe benefits, but other fringe benefits are still deductible by employers and tax-free to employees.

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Bonus Depreciation for Your Business: Let’s Review Your Options

Bonus Depreciation for Your Business: Let’s Review Your Options

Posted by Brian Kern on September 27, 2019

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more-generous, but temporary, rules for 2018 through 2026.

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Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

Posted by Brian Kern on August 22, 2019

On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known as the Tax Cuts and Jobs Act (TCJA).

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Uncertain Tax Position Disclosures: Is Your Organization in Compliance?

Uncertain Tax Position Disclosures: Is Your Organization in Compliance?

Posted by Donna Gonser on August 16, 2019

As a not-for-profit, tax-exempt organization, you might think the subject of “uncertain tax positions” (UTPs) doesn't apply to you. Think again.

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IRS and Treasury Release Second Set of Opportunity Zone Guidance

IRS and Treasury Release Second Set of Opportunity Zone Guidance

Posted by Cory Van Deusen V on June 14, 2019

On April 17, 2019, the IRS and Treasury issued its much anticipated second set of proposed regulations under Internal Revenue Code, Section 1400Z-2, Special rules for capital gains invested in opportunity zones. 

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Article IRS Announces Changes for Personal Use of Employer-Provided Vehicles

Article IRS Announces Changes for Personal Use of Employer-Provided Vehicles

Posted by Kevin Smeader on June 11, 2019

The free use of a company car is one of the best perks an employee may receive as part of a compensation package, but the benefit to the employee isn't completely “free” under current tax law.

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Overwhelmed by Wayfair? Automation Can Help

Overwhelmed by Wayfair? Automation Can Help

Posted by Mark Stack on June 11, 2019

Companies across industries and of all sizes have to contend with the fallout resulting from Wayfair, but it has been particularly onerous for middle-market companies.

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IRS Wheels Out Additional Guidance on Company Cars

IRS Wheels Out Additional Guidance on Company Cars

Posted by Michē Needham on May 31, 2019

If your business has placed (or will place) passenger automobiles (including light trucks and vans) into service for 2019, listen up! The IRS recently has released depreciation limits for these vehicles.

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