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Business Tax Articles

 

How Can Business Owners Lower Last Year’s Tax Bill?

How Can Business Owners Lower Last Year’s Tax Bill?

Posted by Timothy Bubar on February 18, 2021

Tax Day is now fast approaching. Luckily, there may still be time for your business to make some last-minute moves to lower its tax obligation for 2020. Plus, there are other long-term planning strategies that business owners should consider in light of today's tax laws, recent economic relief measures, and expected changes to the federal tax rules.

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Bad Debts: What Losses Can You Deduct and When?

Bad Debts: What Losses Can You Deduct and When?

Posted by Douglas Muth on February 18, 2021

Many individuals and businesses have suffered bad debt losses during the COVID-19 pandemic, but the IRS may be skeptical of deductions claimed for these losses.

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Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear

Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear

Posted by Brian Kern on February 05, 2021

Now that President Biden has taken office and Democrats have a slim majority in the House and Senate, many are eagerly awaiting details on any new significant tax legislation the administration will aim to pass.

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Important Tax Figures for 2021

Important Tax Figures for 2021

Posted by Angela Miles on February 01, 2021

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2021, compared with 2020, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts, and more.

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International Aspects of 2021 Final Regulations on Deduction of Business Interest Expense

International Aspects of 2021 Final Regulations on Deduction of Business Interest Expense

Posted by Amanda Mooney on February 01, 2021

On January 5, 2021, Treasury and the IRS issued an early version of final regulations that provide additional guidance regarding the limitation on the deduction for business interest expense under Section 163(j). Among many other items, these regulations address the application of the limitation with respect to controlled foreign corporations (CFCs).

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New Appropriations Act Includes Disaster Tax Relief

New Appropriations Act Includes Disaster Tax Relief

Posted by Mark Stack on January 20, 2021

The Consolidated Appropriations Act is nearly 5,600 pages. It contains several tax-relief measures related to qualified disasters. These provisions include liberalized deduction rules for personal casualty losses, tax-favored treatment for distributions from IRAs and retirement plans, an employee retention tax credit, and more.

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Ways to Fully Deduct Business-Related Meals

Ways to Fully Deduct Business-Related Meals

Posted by Kevin Smeader on January 19, 2021

There's good news for restaurants that have struggled during the COVID-19 crisis: A new law allows 100% federal income tax deductions for the cost of business-related meals provided by restaurants in 2021 and 2022.

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The Status of Temporary COVID Tax Relief Measures After the New Law

The Status of Temporary COVID Tax Relief Measures After the New Law

Posted by Cory Van Deusen V on January 15, 2021

Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020.

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Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications

Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications

Posted by Kerry Roets on January 07, 2021

A record number of privately held businesses closed their doors permanently in 2020, and more closings are expected as the COVID-19 pandemic continues. Shuttering a business can have complicated tax implications for the business and its owners.

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Appropriations Law Adds Some Business Tax Breaks and Extends Others

Appropriations Law Adds Some Business Tax Breaks and Extends Others

Posted by Kristin Re’ on January 06, 2021

President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.

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