2019 Taxpayer Newsletters

Has your small business paid independent contractors, vendors or others at least $600 for services during 2019? Here are the reporting requirements you may face. 1099-Misc

Managing payroll is a laborious task for small businesses. It is critical to withhold the right amount of taxes from employees and pay them over to the federal government on time. If you don't, you could be hit with the Trust Fund Recovery Penalty, also known as the 100% penalty. Learn more about whom the IRS can go after at your business here: Payroll Taxes If you aren't already using a payroll service, contact us for information on how we can help you.

Cost segregation studies can yield substantial benefits, but they’re not right for every business. Learn more about how this strategy can help accelerate depreciation deductions on the building that houses your operation. Cost Segregation Study

Given the escalating cost of employee health care benefits, your business may be interested in setting up an employer-sponsored Health Savings Account (HSA). Health Savings Accounts offer a flexible, tax-advantaged option or providing health care coverage. Employers and employees can benefit. Here’s a look at what an HSA could mean for your business: Health Savings Account

Unemployment taxes can cost your business a bundle. That is especially true if a lot of former employees file unemployment claims against your business. Fortunately, you may be able to reduce your unemployment tax bill. Unemployment Tax

As a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. Here’s what you need to know to be prepared for an audit and respond effectively: IRS Audits and Business Owners

Dividends paid out by corporations are taxable to shareholders and can’t be deducted by the corporation. But there may be ways to get cash out of your corporation without dividend treatment. Here are five ideas: 5 Ways to Withdraw Cash

Schools is back in session! Parents and students should look into two education credits that can help with cost of higher education. We have summarized the credits here: Education Credits

There are many retirement plan options for small business owners and their employees. Here’s a quick rundown of three of them. The Key to Retirement Security

For many business owners, a company car is a sign they’ve achieved success. Here are the basic tax breaks and tax implications involved in this fringe benefit. Tax Implications of a Company Car 

If the names and Social Security numbers on your employees’ W-2 forms don’t match the government’s records, you may receive a “no-match letter.”  Here’s what these letters mean and how to proceed. No Match Letter

Is your small business accepting or using bitcoin or other virtual currencies yet? Familiarize yourself with the tax consequences, because the IRS is targeting users who fail to report and pay tax on transactions. Read more here: Virtual Currencies and the IRS

If you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may provide a valuable tax break. Home Office

The Section 179 deduction and bonus depreciation for business assets have been increased and expanded. Learn more about these valuable tax breaks.

In the past couple of years, major changes have been made to the taxation of both C corporations and pass-through entities (including sole proprietorship's). So what’s the best entity choice for your small business? Entity Selection

New hires from certain disadvantaged “targeted” groups may qualify your business for the Work Opportunity Tax Credit. Here’s an overview of this potentially valuable tax break, including how it’s calculated. Valuable Tax Credit

Are you going on a business trip within the United States this summer? You might be able to add on some vacation days and deduct some of your expenses. Read more here: Tax Smart Domestic Travel

Are you a business owner with teenage or college-age children who constantly need money? Make them earn the money by hiring them. You can save taxes and reap other benefits. Read more here: Hire Your Children this Summer

If you spend money in the course of doing business, you want to be able to write it off on your tax return. But in order to be deductible, expenses must meet certain requirements. Here are the rules: Deductible Expenses

The treatment of food, beverage and entertainment expenses became more complicated after the Tax Cuts and Jobs Act. Here’s how to get the biggest tax-saving bang for your business meal bucks. Deducting Business Meal Expense

Like many major life events, divorce can have major tax implications. And if you own a business, the stakes are higher. Learn more: Divorcing Business Owners