SME CPA BLOG

In the summer of 2018, South Dakota v. Wayfair made its way to the Supreme Court. This case, in part, challenged the grounds of a previously decided Supreme Court case, Quill Corp. v. North Dakota (1992), where physical presence nexus was established for sales tax purposes. This meant that the primary way to determine if…

As we close in on the end of 2018, many taxpayers are wondering whether or not the new Trump tax cuts will have a positive impact on their tax situation. In a number of areas, the rules of the game have definitely changed. There is no substitute for talking to your CPA this fall and…

Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee…

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into law. Timing strategies for businesses…

Payroll reporting doesn’t have to be a laborious process. Consider using an outside company to manage your payroll function. Here’s why payroll outsourcing may be beneficial and how a service audit can provide assurance about your payroll provider’s internal controls. Rewards and risks Payroll can be an administrative nightmare if done in-house, especially for smaller…

Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. Food donations Charitable write-offs for donated food (such as by restaurants and grocery stores) are normally limited to the lower of the taxpayer’s basis in the food (generally…

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. 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…

Whether you’re selling your business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. Consider installment sales, for example. The sale of a business might be structured as an installment sale if the buyer lacks sufficient cash or pays a contingent amount based on the business’s…