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IRS Issues an Update to Mileage Deduction Rules
The IRS has issued new guidance regarding the rules for using standard mileage rates when calculating "above-the-line" deductions for specific automobile operating costs. This new guidance also lays out rules — IRS Revenue Procedure 2019-46 — for establishing reimbursement of employee…
Two Valuable Year-End Tax-Saving Tools for Your Business
At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible…
Captive No More! IRS Offers to Settle Lawsuits over Questionable Micro-Captive Insurance Arrangements
Nearly 200 taxpayers being audited for abusive micro-captive insurance arrangements – a practice that since 2014 has made the agency’s “Dirty Dozen” list of tax scams – may be able to breathe a sigh of relief after being offered a settlement by the IRS.
The Tax Implications If Your Business Engages in Environmental Cleanup
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur.
Year-End Tax Planning? Don't Forget to Factor 2020 Cost-of-Living Adjustments
Recently, the IRS issued its 2020 cost-of-living tax adjustments. Many amounts increased minimally, thanks to stable inflation, while others remained at 2019 levels. As a result, it is important to consider these 2020 adjustments as you plan and implement 2019 year-end tax strategies.
Tariffs: Protect Your Company with These Six Strategies
Many manufacturers are facing increasing costs due to imported materials tariffs. If you’re importing and affected by these changes, below are six ways to help evaluate and manage how they impact your business.
Small Businesses: Get Ready for Your 1099-MISC Reporting Requirements
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be…
Small Businesses: Stay Clear of a Severe Payroll Tax Penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.