Gain better employee retention while lowering your tax bill with the Pension Plan Tax Credit Attention small businesses: you may be able to claim a tax credit for some costs of starting a SEP, SIMPLE IRA or qualified retirement plan. A tax credit reduces the[...]
Easy to Implement Tips to Set Up a Cashless ATM for Your Cannabis Business In the growing cannabis market, cash is key. Like it or not, federal laws push many marijuana-related businesses into mainly cash transactions. But dealing with cash can bring about its own[...]
Overview On Oct. 2, 2020, the Small Business Administration (SBA) issued Procedural Notice 5000-20057, which outlines the required notification and consent procedures for changes in ownership of borrowers of Paycheck Protection Program (PPP) loans. This SBA guidance provides further clarification on when SBA consent is[...]
This year, the IRS will audit hundreds of thousands of tax returns. One in 100 businesses will be audited. The easiest way to survive a tax audit is to be prepared in advance. Audit Timeline The purpose of a tax audit is to verify items[...]
Tax Benefit Question: Do medical marijuana facilities qualify for the manufacturer’s sales and use tax exemptions? This important tax benefit can realize a one-time or even annualized savings of more than six figures for manufacturing companies. Highlights A gray area of an important Missouri tax[...]
The Internal Revenue Service (IRS) recently released updated guidance on tax policy for the marijuana industry. As tax and accounting experts, we wanted to give you the highlights. Since marijuana remains federally illegal, there’s been some confusion around the tax obligations of the cannabis industry.[...]
Charitable Deductions This Year, Advisory for Future Years Perhaps you are interested in giving a substantial donation to charity this year. However, you would like to advise the charity in future years as to the possible use of the donated funds… while still preserving your[...]
When you’re developing your estate plan, one powerful tool to consider is a charitable remainder trust (CRT). A CRT may enable you to reduce your liability for income and estate taxes and diversify your assets in a tax-advantaged manner. How Charitable Remainder Trusts (CRT) Work[...]
If your company is successful and requires frequent business travel, you’ve probably sat in many airports dreaming of buying a corporate airplane. Before making the leap, you should be aware of the tax and other implications. When Does It Make Sense to Consider Purchasing a[...]
Employers can qualify for a tax credit known as the work opportunity credit that is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). The credit is generally limited to eligible[...]