News & Articles

7 Year-End Tax Planning Moves for Small Businesses

Posted on Mon, Oct 29, 2018

Business owners still have time to significantly reduce their tax bills for 2018. Here are seven year-end moves to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA).

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Tags: Tax Planning, Business Owner, Tax Cuts and Jobs Act (TCJA)

When Is Service Business Income Eligible for the New QBI Deduction?

Posted on Wed, Sep 12, 2018

The IRS has issued much-anticipated regulations addressing the new deduction of up to 20% of qualified business income (QBI) from pass-through entities. The QBI deduction was a major piece of the Tax Cuts and Jobs Act that was signed into law in December 2017.

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Tags: Business Owner, Qualified Business Income (QBI)

Is it Time to Rebid Your Vendor Contracts?

Posted on Mon, Aug 27, 2018

While it's great to have a good rapport with your vendors, it's important to ensure the relationship remains businesslike. Vendors who know there is a threat that they could lose your contract are more likely to focus on staying competitive.

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Tags: Business, Small Business, Business Finance, Business Owner

QBI Deduction Provides Tax Break to Pass-Through Entity Owners

Posted on Fri, Aug 24, 2018

The IRS recently issued proposed reliance regulations to help clarify the new qualified business income (QBI) deduction that was introduced as part of the Tax Cuts and Jobs Act. This guidance is complex and hundreds of pages long. As part of the proposed regs, the IRS explained that, if certain requirements are met, individuals, estates and trusts (all referred to as "individuals" by the proposed regs) that own interests in more than one qualifying trade or business can (but aren't required to) aggregate them, by treating them as a single trade or business.

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Tags: IRS, Business Owner, Tax Cuts and Jobs Act (TCJA), Qualified Business Income (QBI)

Make Your Workplace Drug Free

Posted on Thu, Jul 19, 2018

Employee drug and alcohol abuse can cost your company in many ways, including increased absences, workplace accidents and high health costs. In addition, studies show that drug users are five times more likely than other employees to file a worker's compensation claim.

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Tags: Department of Labor, Business Owner, Drug and Alcohol Testing

Recent Developments May Affect Passive Investors with Losses

Posted on Mon, Apr 10, 2017

Do you materially participate in a business or rental activity — or are you just a passive investor who isn't directly involved in a project's day-to-day operations? The IRS has prescribed seven tests to help individuals classify income, gains and losses from activities as passive or nonpassive. (See "PAL Basics" below.)

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Tags: IRS, passive activity loss, Business Owner

There's Still Time to Set Up a SEP for 2016

Posted on Mon, Mar 06, 2017

Simplified Employee Pensions (SEPs) are stripped-down retirement plans intended for self-employed individuals and small businesses. If you don't already have a tax-favored retirement plan set up for your business, consider establishing a SEP — plus, if you act quickly enough, you can claim a deduction for your initial SEP contribution on your 2016 tax return.

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Tags: SEP, Retirement Plan, Business Owner

Form 1099 Filing Alert

Posted on Tue, Nov 15, 2016

The IRS has been focusing on taxpayer compliance when it comes to reporting taxable income on Form
1099 and Congress has been increasing the penalties for non-compliant taxpayers. New this year,
penalties can range from $100 to $500 per 1099 return if filing with the Internal Revenue Service is
not completed by the compressed deadline of January 31, 2017.

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Tags: Tax, Business, IRS, Business Owner, Form 1099

Year-End Tax Strategies for Small Businesses

Posted on Fri, Nov 11, 2016
It's not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here's a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code. After President Obama hands over the baton to his successor and new members of Congress are sworn into office in January, the tax laws could change. But here's what we know now.

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Tags: Year-End Tax Planning Strategies, Business, Year-End, Year-End Planning, Small Business, Business Owner

Fraud Alert: The ACFE Puts a Spotlight on White Collar Crime

Posted on Wed, Nov 09, 2016
 

The average organization loses 5% of its annual revenues to fraud, according to the 2016 Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE). Bear in mind, that's the top line of your income statement, not the bottom. So, for every $1 million in annual revenue, your company is expected to lose an average of $50,000 to thieves.

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Tags: Fraud, white collar, Business Owner