The rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. Steps in closing a business A business must file a final federal income tax return and some other related forms the year […]
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With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or […]
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Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. You can structure it to resemble a corporation for owner liability purposes. You can also structure […]
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When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law. 1. Identify and describe guaranteed payments to […]
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Thomas Howell Ferguson P.A. CPAs (THF), a top 200 accounting firm, is recognized as one of the INSIDE Public Accounting (IPA) “Best of the Best Firms” for 2024. As reported by IPA, “IPA names 75 Best of the Best CPA firms – including 60 firms over $10 million in net revenue, 10 under $10 million, […]
(authored by RSM US LLP) Senate does not advance House-passed measure that would have temporarily restored R&E expensing, full bonus depreciation, and an EBITDA based interest deduction limitation standard […]
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and […]
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Have you considered borrowing funds from your corporation? If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. However, it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over […]
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(authored by RSM US LLP) Growth, inflation and hiring in the United States are all cooling toward a more sustainable pace, which will most likely define the second half of the year as the Federal Reserve gets ready to reduce its restrictive policy rate. […]
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Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to […]
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If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business. In addition, you have held it for more […]
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Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes called liquidation agreements). […]
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The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). They adjust these amounts each year based on inflation. They announce the adjustments earlier in the year than other inflation-adjusted amounts. This allows employers to get ready for the next year. Fundamentals of HSAs A trust creates or organizes an […]
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With school out, you might be hiring your child to work at your company. In addition to giving your child some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: […]
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Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. 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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Now is a good time to review the rules for computing corporate federal estimated tax payments. The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax. Four possible options The required installment […]
Merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: In this article, we’re going to focus on buying assets. Asset purchase tax basics You must allocate the total purchase price to […]
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Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income […]
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. Be aware that there are two additional features that are especially favorable to small businesses: […]
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(authored by RSM US LLP) Unexpected turnover can threaten payroll continuity. Learn how your organization can leverage temporary payroll emergency response support. […]
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Thomas Howell Ferguson P.A. CPAs (THF), a leading accounting firm, announced today that they have won the Best of Accounting Award for providing superior service to their clients. ClearlyRated’s Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of […]
(authored by RSM US LLP) As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance. […]
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What’s the best accounting method? Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may […]
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The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US Beginning in 2024. Many small businesses are now required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to create a national […]
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If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation? There are many issues to consider. Currently, the corporate federal […]
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Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines. January […]
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