Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken…
Cybercriminals are ready to pounce on unsuspecting taxpayers with more creative scams and digital traps. With the frenzy of online tax filings and personal information flooding the internet, digital crooks are eager to get their own version of big illegal…
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to…
Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your…
The Good News: IRS Waiving Penalties The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or…
The IRS is moving at a slow crawl due to the federal government shutdown, but don’t let the situation slow you down in preparing to meet with your tax advisor. “The IRS announced it will begin processing tax returns on…
The Tax Cuts and Jobs Act of 2017 significantly reduced the ability of a business to deduct the cost of transportation fringe benefits provided to their employees, unless the annual cost of the benefit is included in taxable wages on…
An update on our previously posted article... The Internal Revenue Service has announced it will issue refunds to taxpayers even if the federal government shutdown extends into tax season. In previous shutdown situations, the IRS accepted tax returns but delayed…
Update 1/8/19: The IRS has just confirmed that, despite the current government shutdown, it will begin processing 2018 tax returns on January 28, 2019 and will provide refunds to taxpayers as scheduled. As 2019 begins, we are wading into unknown…
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly…