Partnership

Small Business Advertising and Marketing Costs May Be Tax Deductible

December 9th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, Partnership, S Corporation, Services, Small Business, The Burns Firm|Tags: , , , , , , , , |

Information from IRS.gov Small Business Advertising and Marketing Costs May Be Tax Deductible The tax law allows businesses to deduct expenses that help them bring in new customers and keep [...]

With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill

December 7th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , |

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may [...]

Feeling Generous at Year End? Strategies for Donating to Charity or Gifting to Loved Ones

December 2nd, 2021|Categories: Business, Charitable Donations, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Donations, IRS, Partnership, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Deductions|Tags: , , , , , , , |

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved [...]

Taxability of PPP Loan Forgiveness

December 1st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Partnership, PPP, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Planning|Tags: , , , , , , , |

Businesses that received Paycheck Protection Program (PPP) loans can apply for forgiveness once all loan proceeds for which they are requesting forgiveness have been used. On November 18, 2021, the IRS [...]

Financing the Growth of Your Business

October 28th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Due Diligence, Growing A Business, LLC, Merger & Acquisition, Partnership, S Corporation, Small Business, Tax, Tax Planning, The Burns Firm|Tags: , , , , , , , |

Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan (PPP) program and other relief programs rescued many small enterprises from financial crisis. If [...]

Lowdown on Federal Tax Proposals for Individuals and Businesses

October 19th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Gift Tax, IRS, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , , , , , , , , , |

The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains detailed information about President Biden's proposed [...]

Building Your Legacy

September 30th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Growing A Business, Merger & Acquisition, Partnership, Services, Small Business, Tax|Tags: , , , , , , |

The desire to leave a legacy may be the height of altruism for it's a gift to the future, the benefit of which you may never witness, nor ever feel it's [...]

You Can Only Claim A Casualty Loss Tax Deduction in Certain Situations

September 14th, 2021|Categories: Accounting, Burns Firm, Business, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Partnership, S Corporation, Services, Small Business, Tax, Tax Deductions, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , , , |

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]

The Deductibility of Corporate Expenses Covered By Officers or Shareholders

August 31st, 2021|Categories: Burns Firm, C Corporation, CPA Dallas, Dallas CPA, Expenses, Partnership, S Corporation, Services, Small Business, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, The Burns Firm|Tags: , , , , , , , |

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer [...]

IRS Audits May Be Increasing, So Be Prepared

August 3rd, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, IRS, IRS Audit, Partnership, S Corporation, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, Tax Withholding, The Burns Firm|Tags: , , , , , , , , , |

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage [...]

Eligible Businesses: Claim the Employee Retention Tax Credit

July 22nd, 2021|Categories: Accounting, Employee Retention Tax Credit, ERTC, IRS, Partnership, S Corporation, Services, Small Business, Tax, Tax Credits, Tax Cuts, Tax Withholding, TCJA, The Burns Firm|Tags: , , , , , , , , |

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a [...]

Hiring Minor Children This Summer? Reap Tax and Nontax Benefits

June 16th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Partnership, S Corporation, Services, Tax, The Burns Firm|Tags: , , , , , , , , , |

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with [...]

Due Diligence Considerations for Sellers

June 10th, 2021|Categories: Accounting, Burns Firm, Business, Buying a Business, Due Diligence, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Small Business, Tax, Tax Planning|Tags: , , , , , , , , , , , |

You may be able to structure the sale of a corporate business as a tax-free reorganization. However, to be totally tax-free, you generally must receive nothing but stock in the acquiring [...]

As the Economy Warms Up, Will You Be Ready?

June 1st, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Planning|Tags: , , , , , , , |

Preparing for a surge in demand for your business's products and services doesn't mean you have to go out on a financial limb. But some contingency planning may be in order. [...]

The Importance of an EMail Disclaimer

May 27th, 2021|Categories: Accounting, Burns Firm, Business, C Corporation, CPA Dallas, Dallas CPA, Litigation Services, Merger & Acquisition, Partnership, Sell Business, Selling a Business, Services, Small Business, Tax|Tags: , , , , , |

Email is ubiquitous in the American workplace and along with its growth comes the risk of lawsuits that can cost your company a bundle. In most cases an employer is held [...]

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