Tax

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. Tax planning is critical when buying a business. If you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful […]

When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions, for example, when the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. If you qualify, providing employee meals could mean a larger IRS deduction. A recent U.S. Tax Court ruling could ultimately […]

TAX RETURN SECURITY: For the 2017 tax year the IRS will be testing a W-2 verification code to increase security when filing tax returns. Tax preparers and those preparing their own returns are urged to enter this code when filing out the W-2 information on their return. Contact us for further information!

Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn’t converted […]

For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high gift and estate tax exemption — currently $5.49 million ($10.98 million for married couples) — means that fewer people are subject to those taxes. If gift and estate taxes aren’t a concern for your family, […]

If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to pay federal estate taxes. If that’s the case, your heirs may be forced to borrow funds or, in a worst-case scenario, sell the business in […]

Here are some of the key 4th Quarter tax deadlines affecting businesses and other employers for 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October 16 If a […]

Material participation is key to Deducting LLC and LLP losses. If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all […]

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on […]

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit. Generally, the IRS takes one of […]