Recent News & Blog / Business Tax
When Are LLC Members Subject to Self-Employment Tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax.
When Holiday Gifts and Parties are Deductible or Taxable
The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties.
Tax Reform Expands Availability of Cash Accounting
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income.
Research Credit Available to Some Businesses for the First Time
The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time.
Selling Your Business? Defer — and Possibly Reduce — Tax with an Installment Sale
You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring.
Be Sure Your Employee Travel Expense Reimbursements will Pass Muster with the IRS
Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees.
Does Your Business Have to Begin Collecting Sales Tax on All Out-of-State Online Sales?
You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc.
What Businesses Need to Know About the Tax Treatment of Bitcoin and Other Virtual Currencies
Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.
Putting Your Child on Your Business's Payroll for the Summer May Make More Tax Sense Than Ever
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).