Recent News & Blog / Business Tax
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.
The possible tax consequences of PPP loans
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics
Why do partners sometimes report more income on tax returns than they receive in cash?
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.
Does your business have a unique selling proposition?
Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP).
Businesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form?