The 2021 “Social Security wage base” is increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing.
Understanding the passive activity loss rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?
The easiest way to survive an IRS audit is to get ready in advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well.
The tax rules for deducting the computer software costs of your business
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others?
Business website costs: How to handle them for tax purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted.
2020 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations.
5 key points about bonus depreciation
Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027.
CARES Act made changes to excess business losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns.