What’s your emergency plan?

Is there an emergency plan in place for your business? As Americans deal with hurricanes and other disasters, the IRS is reminding them to prepare. Update, secure and duplicate essential tax and financial documents. You may need them to support insurance claims or apply for tax benefits. Compile lists of business equipment and belongings. IRS.gov […]

Spouse-run businesses face special tax issues

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Otherwise, you must file an annual partnership return, on Form […]

Starting a business?

Many people dream of being their own bosses. If you’re hoping to launch a business, get off to a strong start by making good decisions. For example, which business structure will you use (such as a sole proprietorship, partnership or corporation)? This decision will affect the taxes you pay. Another decision is whether to operate […]

Did you pay your payroll taxes?

Recent legal action serves as a reminder to businesses: Take payroll tax administration responsibilities seriously. The Oklahoma- and Virginia-based owners of a mental health counseling services company pleaded guilty to failing to file required quarterly employment tax returns and pay over the full amounts they withheld from employee paychecks. The guilty parties admitted that over […]

Navigating the percentage-of-completion method

Does your business work on projects that take longer than a year to complete? Recognizing revenue from long-term projects usually requires use of the “percentage-of-completion” method. Here’s an overview of when it’s required and how it works. Completed contract vs. percentage-of-completion Homebuilders, developers, creative agencies, engineering firms and others who perform work on long-term contracts […]

IRS error results in notices

The IRS is alerting employee benefit plan sponsors that they might erroneously receive penalty notices for late or incomplete filing. This is due to a programming problem that the tax agency has since repaired. So long as plan sponsors filed a 2022 Form 8955-SSA in full and on time, they can ignore CP 283-C notices […]

Turn your hobby into an actual business

FAQs released on Schedules K-2 & K-3

In late 2021, the IRS released new tax forms that should be added to the tax returns of pass-through entities to report certain international income, deductions and credits. The IRS’s goal with Part II of Schedules K-2 and K-3 was to provide more transparency to how pass-through entities calculate their U.S. income tax liability from […]

National Preparedness Month

If you didn’t know, September is National Preparedness Month. The IRS is reminding taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2023. In light of several extreme weather events this year and the arrival of peak hurricane season, it’s advice worth taking. Key steps to take […]

Where Do People Pay the Most in Property Taxes?

Where Do People Pay the Most in Property Taxes? https://bit.ly/44YqbeW