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Douglas Freeman

2021 Q4 tax calendar: Key deadlines for businesses and other employers

2021 Tax Calendar, Business Income Tax, C Corporation, FICA, Income Tax, Simplified Employee Pension (SEP), Tax, Tax Calendar, Tax Deadlines /

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]

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EIDL program retooled for still-struggling small businesses

American Rescue Plan Act, Economic Injury Disaster Loan (EIDL), Small Business, Small Businesses Administration /

For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible

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M&A transactions: Be careful when reporting to the IRS

Amortization Assets, Assets, Depreciation, Internal Revenue Service (IRS), Merger & Acquisition, Small Business, Tax, Tax Planning /

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year.

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Tax depreciation rules for business automobiles

Depreciation, Gross Vehicle Weight Rating (GVWR), Small Business, Tax Deduction, Tax Savings, Vehicle Expenses /

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. Cents-per-mile vs.

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Selling a home: Will you owe tax on the profit?

(NIIT) Net Investment Income Tax, Capital Gains, Home Mortgage, Modified Adjusted Gross Income (MAGI), Tax Record Retention, Vacation Rental /

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in

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Planning for year-end gifts with the gift tax annual exclusion

Estate Tax, Gift and Estate Tax, Gift Tax, Tax Planning, Tax Savings /

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or

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Claiming a theft loss deduction if your business is the victim of embezzlement

Business Tax Identity Theft, Embezzlement, Small Business, Tax Deduction /

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses. The tax code

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Want to find out what IRS auditors know about your business industry?

Audit Techniques Guide (ATGs), Internal Revenue Service (IRS), IRS Audit, Small Business /

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use

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Expanding succession planning beyond ownership

Employees, Small Business, Strategic Business Planning, Succession Plans /

Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. But if you want to take your succession plan to the next level, consider

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