Closing a business isn’t as simple as shutting the doors and walking away. There are many steps in the process, and one of these is that once your business closes, it must file a final income tax return. Here’s a rundown of the basic requirements.   A business must file a final income tax return […]

Normally a signature must be witnessed “in the physical presence” by a retirement plan representative or notary public under the IRS regulations regarding electronic consents and elections. Recently, in Notice 2022-27, the IRS extended, through the end of 2022, its temporary relief from the physical presence requirement. This is good news for businesses that sponsor […]

Have you been receiving disability income? It may be taxable taxability depending on a few circumstances. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s taxable to you just as your ordinary salary would be. (Taxable benefits are also subject to federal income […]

Is your business considering merging with or acquiring another business? Make sure you understand how the transaction will be taxed based on the different scenarios below.   Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest). A buyer can directly purchase a seller’s […]

Are you getting the benefits and features you need? In today’s day and age, the majority of businesses have switched their computing operations to a cloud based platform. Have you evaluated your cloud services to determine if they are still meeting your needs?   Some business owners pay little to no attention to a cloud […]

Individuals can reap some benefit from vehicle expenses on their 1040 return just like businesses can on their returns. In prior years, an employee may potentially have deducted a portion of business mileage. Unfortunately, under current law, you may not be able to deduct as much as you could years ago.   For years prior […]

Another quarter is quickly approaching! Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.   August 1 Report income tax withholding and FICA taxes for second quarter […]

Businesses in nearly every industry are feeling the strain of The Great Resignation. Finding people willing to do the job can often be very difficult – solving nuclear fusion might feel easier to do than finding quality employees. One area of the hiring pool that many businesses overlook is older workers. If your company still […]

To add to the emotional and personal impact of a divorce, there are major tax implications that you should be considered early on. To ensure that taxes are kept to a minimum and that important tax-related decisions are properly made, here are five issues to consider if you’re in the process of getting a divorce. […]

Since the only thing flying high are gas prices, the IRS has increased the mileage deduction for the remainder of 2022.   We have all felt the impact of the massive increase in fuel costs. This has affected small businesses especially hard. the average nationwide price of a gallon of unleaded regular gas on June […]