The next quarterly estimated tax payment deadline is June 15 for individuals and businesses, so it’s a good time to review the rules to calculate estimated tax payments for federal taxes. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. Four methods to
Businesses should be aware that they may be liable for sending additional information reporting forms because more employees may fall within the necessary range of income to be reported in 2022. The reporting threshold for Form 1099-K, “Payment Card and Third-Party Network Transactions,” has been drastically reduced this year. Businesses and employees in specific sectors
The Russian invasion of Ukraine places a direct emphasis on those geographic locations, but the impacts of this military activity extend well beyond the borders of these two countries. The resulting economic sanctions to punish Russia have disrupted global supply chains for trade and business deals, compounding existing woes. If your business has any involvement
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. IRS Notices CP2100 and CP2100A are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect
Are you thinking about starting a company or changing your business structure? If that’s the case, you’ll need to decide whether a C corporation or a pass-through entity (sole proprietorship, partnership, limited liability company (LLC), or S corporation) is ideal for you. There are several factors to evaluate when choosing an entity type, and potential
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual business meal deduction of 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). So,
The April 18 deadline for individuals to pay their federal taxes is less than a month away. Here are eight ways you can pay them.
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it advantageous to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. There have been discussions in Washington about raising the corporate
If your business is successful and you do a lot of business travel, you may have considered buying a company plane. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules.
The COVID-19 pandemic has driven home many lessons for nonprofits, perhaps none so much as the importance of operating reserves. If your nonprofit is among those organizations with dramatically depleted — or nonexistent — reserves, here are some steps you can take to remedy the situation. Tips for Rebuilding Your Operating Reserves Achieve buy-in. It