As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. Before 2011, a much smaller exemption amount […]

Almost every business has purchased computer software that they have developed, bought, leased, or sold to other businesses. Business owners should be aware of the complex rules that apply to the tax treatment of software expenses. Purchased software Some software costs are deemed to be costs of “purchased” software, meaning software that’s either: Non-customized software […]

In the recent pronouncement, Notice 2020-7, the IRS announced updated per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses […]

Every business in the 21st century has a website. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Your Rudler PSC advisor can help business taxpayers with the proper treatment for launching a website. Hardware or software? Let’s start with the hardware you may need to operate […]

The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas. If your company needs working capital to grow, rather than simply survive, you might want to consider a mezzanine loan. For most small to midsize businesses, accessing […]

The COVID-19 pandemic cause many businesses to shut down, leaving millions of taxpayers out of work. The following is basic information about these two common situations and how these changes have tax implications. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an […]

Use the tax calendar for specific IRS due dates for filing your tax forms and paying your taxes. Different due dates apply to corporations and individuals, and certain individuals have due dates that do not pertain to others. Thursday, October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2019 […]

As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, prioritizing customer service has become more important than ever. Here are some foundational ways to strengthen customer service during these difficult and uncertain times. It is more important now than ever before to prioritize customer service. You must have a […]

If you’re buying a home, or you just bought one, you may wonder if you can deduct mortgage points paid on your behalf by the seller. Yes, you can, subject to some important limitations described below. According to the National Association of Realtors (NAR) existing home sales and prices are up nationwide compared to last […]

Recent presidential action allows employers to defer, not forgive, withholding, depositing and payment of certain payroll tax obligations. The IRS has provided guidance in Notice 2020-65 that was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, to implement the optional deferral. […]