Commercial Tax Newsletter | August 2023
In August we cover important topics to improve the bottom-line including real estate depreciation, deductibility of corporate expenses, IRS cash payment rules, '24 HSA limits, and fringe benefits.
Beyond Section 179, learn what real estate deductions you can claim, from equipment and furniture to qualified improvement property (QIP) interior improvements.
Understand how corporate expenses charged personally should be handled for both the individual and corporation.
When receiving a cash payment of $10,000+ you are required to report the transaction on Form 8300 and keep a record of the transaction for at least 5 years as required by the IRS.
The IRS has released the 2024 HSA contributions limits that have been adjusted for inflation.
Employee fringe benefits are a great way to retain and recruit employees, there are also tax benefits.