Recent News & Blog / Business Tax
Depreciation and Cost Recovery Rules: 2019 and Later
The Tax Cuts and Jobs Act of 2017 (TCJA) brought with it some changes and updates to Depreciation rules. SEK’s tax department has created this one page quick reference guide to help answer some of the most common Depreciation questions we receive.
Small businesses: Stay clear of a severe payroll tax penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.
Now Available: SEK's 2019 Tax Planning Guide
Are you doing everything you can to minimize your income taxes? If not, it may be time for a fresh look. The tax law and your own situation may change from year to year.
Thinking about converting from a C corporation to an S corporation?
The right entity choice can make a difference in the tax bill you owe for your business.
Accelerate depreciation deductions with a cost segregation study
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study.
Setting up a Health Savings Account for your small business
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA).
Understanding and controlling the unemployment tax costs of your business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%.
The chances of an IRS audit are low, but business owners should be prepared
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals.
How to treat your business website costs for tax purposes
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy.
5 ways to withdraw cash from your corporation while avoiding dividend treatment
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend.