Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding [...]
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that [...]
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 [...]
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. But it’s important to [...]
If your business is expanding its geographical footprint beyond state or U.S. borders, it's important to understand the transfer pricing rules. In a nutshell, transfer pricing refers to cross-border pricing [...]
Beware of the tricky "related party" tax rules if you are considering buying or selling business assets or an ownership interest (corporate stock or a partnership or LLC interest).The Internal Revenue [...]
The IRS has announced a new audit initiative targeting the personal use of business aircraft. Some businesses took advantage of the Tax Cuts and Jobs Act's generous bonus depreciation provision [...]
The Tax Cuts and Jobs Act (TCJA) included good news for taxpayers that use cars, SUVs, pickups and vans for business purposes. Specifically, it permanently liberalized the Section 179 first-year depreciation [...]
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the [...]
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to [...]
The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation [...]
It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge with another enterprise. It may be years [...]
In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out [...]
For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year [...]