Installment sales can enable you to defer the tax on some or all of the gain on the sale of property or a business. In general, if you receive payments from a buyer over time, you report the gain on the payments in the year[...]
If you’ve decided to close a business, it’s important to take care of your Federal tax obligations. In this article, we’ll outline the requirements of closing a business as well as the information that your accounting team will need to help you through the process.[...]
Check out these business tax planning moves before the year ends. It’s been an unusual year to say the least for most businesses. Business tax planning for 2020 brings an extra dimension. Business Tax Changes: Many business tax changes from recent years generally remain in[...]
When starting a new business venture, a limited partnership can be a good choice as an entity. You can raise capital to fund the venture without giving up control of the business or being saddled with considerable start-up debt. A limited partnership will enable you,[...]
What is an ESOP?An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that enables employees to have ownership interest in the company. It is a qualified defined contribution plan that is either a stock bonus plan or a combination stock bonus and money[...]
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[...]
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[...]
Many customers ask us if they can deduct clue dues. It’s a logical question, especially since you may entertain customers at your club. Many feel it’s relevant to business. These dues may or may not be deductible, depending on the type of club and its[...]