Employers: Be aware (or beware) of a harsh payroll tax penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make…
What Are Your Restaurant’s Financials Telling You?
There are three financial statements that you should review regularly to help you determine your restaurant’s profitability. The Balance Sheet The balance sheet is a point-in-time snapshot of your assets…
When are LLC members subject to self-employment tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to…
2019 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may…
Research credit available to some businesses for the first time
The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a…
Close-up on the new QBI deduction’s wage limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The…
How to avoid getting hit with payroll tax penalties
For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables…
The TCJA changes some rules for deducting pass-through business losses
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…
Watch out for tax-related identity theft scams all year long
With the filing date for 2017 in the rearview mirror for most businesses and individuals, the last thing they probably want to think about is income taxes. Unfortunately, though, criminals…
The pass-through provisions of the TCJA: The devil is in the details
The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as…