Business Tax Articles

Businesses that accept large cash payments have strict IRS reporting obligations. Transactions over $10,000 must be reported using Form 8300, and failure to comply can lead to steep penalties. Understanding what counts as cash, electronic filing rules, and proper recordkeeping is essential to stay compliant and avoid costly mistakes.

With the passing of the One Big Beautiful Bill Act (OBBB), a number of the tax incentives created or strengthened by the Inflation Reduction Act (IRA) of 2022 have been repealed. Learn about the credits that will be expiring early under the new tax legislation and consider taking advantage of them before the window to do so closes.

The One Big Beautiful Bill makes the Section 199A qualified business income (QBI) deduction permanent and expands income phase-in ranges starting in 2026, allowing many service-oriented businesses to claim larger deductions. It also introduces a minimum QBI deduction for eligible taxpayers and adjusts thresholds for inflation. Strategic planning, such as managing taxable income and increasing W-2 wages, can help maximize these benefits.

Owning a business with your spouse can be rewarding, but it also brings unique tax challenges that can impact your bottom line. From self-employment tax surprises to IRS partnership rules, understanding your options like electing joint venture status, forming an S corporation, or restructuring roles can help you minimize taxes and simplify compliance.

Executive Order 14247 requires the IRS to transition all tax-related payments and refunds to electronic methods starting September 30, 2025, eliminating paper checks except in limited cases. Taxpayers will need to use direct deposit, prepaid debit cards, or digital platforms for refunds and make payments through approved electronic systems, with support available for those lacking access to traditional banking.

The OBBB outlines key tax changes for businesses, including enhanced deductions and reporting thresholds starting in 2025. Highlights include 100% bonus depreciation, full expensing of domestic R&E, and increased 1099 thresholds, with some provisions expiring at year-end and others continuing into 2026 and beyond. Additional updates affect small business R&E elections, ERC claims, and the Qualified Opportunity Zone program.

The Historic Rehabilitation Tax Credit (HTC) offers financial incentives for preserving historic buildings. It provides insights into the application process and potential challenges, helping to enhance the value of historic properties.

Choosing the right business entity is essential for tax efficiency and operational success. This guide compares five common structures, sole proprietorship, S corporation, partnership, LLC, and C corporation; highlighting how each is taxed and what compliance requirements they entail. Understanding these differences helps entrepreneurs align their entity choice with financial goals and growth plans.

The One, Big Beautiful Bill (OBBB) Act significantly updates IRS reporting rules by raising the threshold for issuing Forms 1099-NEC and 1099-MISC from $600 to $2,000 starting in 2026, with future adjustments for inflation. This change will reduce paperwork and compliance burdens for businesses, especially small ones, while still requiring accurate income reporting and recordkeeping.

The One Big Beautiful Bill  introduces major tax benefits for small businesses, including the permanent return of 100% first-year bonus depreciation for eligible assets placed in service after January 19, 2025. It also significantly increases Section 179 expensing limits and introduces new incentives for production-related real estate, offering substantial opportunities for tax savings and reinvestment.