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Small Business

Does your business have to begin collecting sales tax on all out-of-state online sales?

Online Retailers, Out-of-State Online Sales Tax, Sales Tax, Small Business, Tax /

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments […]

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Choosing the best business entity structure post-TCJA

C Corporation, Federal Income Tax Filing, Income Tax, Individual Income Tax, Past-Through Entities, Small Business, Tax, Tax Cuts and Job Acts (TCJA) /

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities,

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2018 Q3 tax calendar: Key deadlines for businesses and other employers

C Corporation, Federal Income Tax, Federal Income Tax Filing, Income Tax, Q3 Tax Calendar, S Corporation, Small Business, Tax Calendar 2018 /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. 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. July

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What businesses need to know about the tax treatment of bitcoin and other virtual currencies

Bitcoin, Federal Income Tax Filing, Income Tax, Individual Income Tax, Internal Revenue Service, Small Business /

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the

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Putting your child on your business’s payroll for the summer may make more tax sense than ever

College children on The Payroll, Income Tax, Individual Income Tax, Kiddie Tax, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Working Parents /

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works. By shifting some

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The TCJA changes some rules for deducting pass-through business losses

Income Tax, Individual Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Cuts and Job Acts (TCJA) /

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct

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IRS Audit Techniques Guides provide clues to what may come up if your business is audited

Audit Techniques Guide (ATGs), IRS Audit, Small Business, Tax, Tax Audits /

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business

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Tax document retention guidelines for small businesses

Doucment Retention, Small Business /

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related

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TCJA changes to employee benefits tax breaks: 4 negatives and a positive

Business Credit, Employee Benefits, Federal Income Tax, Small Business, Tax, Tax Credits, Tax Cuts and Job Acts (TCJA) /

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. Four breaks curtailed beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks

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A net operating loss on your 2017 tax return isn’t all bad news

Federal Income Tax, Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Credits, Tax Cuts and Job Acts (TCJA) /

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment

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