SME CPA BLOG

Stay Organized Throughout the Year The best way to set yourself up for success at tax time is to keep your tax documents organized throughout the year. If you prefer to deal with tangible documents, designate a location in your home to accumulate tax documents as you receive them. Create folders for different types of…

WASHINGTON – The Internal Revenue Service urges taxpayers who support dependents who can’t be claimed for the Child Tax Credit to do a paycheck checkup soon. The IRS Withholding Calculator can help these taxpayers make sure they have the right amount of tax taken out of their pay. The Tax Cuts and Jobs Act, enacted…

Under the new tax law there are stricter limits on deductions of business meals and entertainment expenses. Entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or similar activities primarily for the…

The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are…

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on…

Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand. Buy-sell basics A buy-sell agreement sets up parameters for the transfer of…

A great deal of attention is paid to individual tax identity theft — when a taxpayer’s personal information (including Social Security number) is used to fraudulently obtain a refund or commit other crimes. But businesses can also be victims of tax identity theft. Significant consequences Business tax identity theft occurs when a criminal uses the…

Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available credits are especially for small businesses that provide certain employee benefits. And one of them might not be available after 2017. Small-business health care credit The Affordable Care Act (ACA) offers a credit to certain small employers that provide employees with health coverage.…