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Small Business Tips

A refresher on the trust fund recovery penalty for business owners and executives

Federal Income Tax, Payroll Service, Payroll Tax, Small Business, Small Business Tax Tips, Small Business Tips, Trust Fund Recovery Penalty /

One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better. In point of fact, the trust fund recovery penalty relates to payroll taxes. The IRS uses it to hold accountable “responsible persons” who willfully withhold income and payroll taxes […]

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What types of expenses can’t be written off by your business?

Business Deductions, Federal Income Tax, Federal Tax Deductions, Internal Revenue Service (IRS), Small Business Tax Tips, Small Business Tips, Tax Deduction /

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general

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What businesses can expect from a green lease

(LEED)Energy and Environemtal Design, (LEED)Energy and Environmental Design, Environmental Tax Deductions, Going Green, Small Business, Small Business Owners, Small Business Tips /

With events related to climate change continuing to rock the news cycle, many business owners are looking for ways to lessen their companies’ negative environmental impact. One move you may want to consider, quite literally, is relocating to a commercial property with a “green lease.” Increasing demand. Green leases are sometimes also known as “aligned,”

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Look carefully at three critical factors of succession planning

Estate Planning, Merger & Acquisition, Small Business, Small Business Owners, Small Business Tips, Succession Plans /

The day-to-day demands of running a business can make it difficult to think about the future. And by “future,” we’re not necessarily talking about how your tax liability will look at year-end or how you might grow the bottom line over the next five years. We’re referring to the future in which you no longer

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Divorcing business owners should pay attention to the tax consequences

Assets, Capital Gains, Divorce, Small Business Owners, Small Business Stock, Small Business Tax Tips, Small Business Tips /

If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Transferring property tax-free

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Guaranteeing a loan to your corporation? There may be tax implications

Closely Held Corporations, Corporations, Small Business, Small Business Owners, Small Business Tips, Tax Planning /

Let’s say you decide to or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser, or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or

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5 tips for more easily obtaining cyberinsurance

Cyberdefenses, Cyberinsurance, Cybersecurity, Small Business Owners, Small Business Tips /

Every business should dedicate time and resources to cybersecurity. Hackers are out there, in many cases far across the globe, and they’re on the prowl for vulnerable companies. These criminals typically strike at random — damaging not only a business’s ability to operate but also its reputation. One way to protect yourself, at least financially,

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Receive more than $10,000 in cash at your business? Here’s what you must do

Cash Equivalents, Form 8300, Small Business, Small Business Owners, Small Business Tips /

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements. Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or

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Should your business add a PTO buying feature to its cafeteria plan?

Employee Benefits, Employees, Paid Time Off (PTO), Small Business Owners, Small Business Tips /

With the pandemic behind us and a red-hot summer in full swing, many of your company’s employees may be finally rediscovering the uninhibited joys of vacation. Your workers might be having so much fun, in fact, that they might highly value being able to buy even more paid time off (PTO) as an employee benefit.

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