Business Owners

Extension of Federal Tax Deadline Applies to Liabilities of Multinational Taxpayers by Arthur J. Dichter, JD, LLM

Posted on March 25, 2020 by Arthur Dichter

The IRS has clarified that the postponement of the due date for 2019 federal income tax filings and payments to July 15, 2020, also applies to installment payments of repatriation tax on foreign earnings and base erosion and anti-tax abuse tax (BEAT) that would otherwise be due on April 15. The Tax Cuts and Jobs Act […]

IRS Extends Federal Tax Filing, Payment Deadlines to July 15 by Steven G. Messing, JD, CPA

Posted on March 24, 2020

In response to COVID-19 and its impact on U.S. taxpayers, the IRS officially postponed the 2019 federal income tax filing and payment deadlines from April 15, 2020, to July 15, 2020. These automatic filing and payment extensions apply to all individual taxpayers (including the self-employed), trusts and estates, C corporations, partnerships, limited liability companies (LLCs) and other […]

Is Your Business Protected Against Coronavirus-Related Losses? by Daniel S. Hughes, CPA/CFF/CGMA, CVA

Posted on March 16, 2020 by Daniel Hughes

The novel coronavirus (COVID-19) is having a profound impact on lives, businesses and commerce across the globe. As the disease continues to spread, countries have closed their borders, financial markets have fallen, supply chains have become disrupted and businesses are facing the potential of mounting losses that may continue for some time. The longer it […]

Federal and State Governments Offer Disaster-Relief Loans to Small Businesses Impacted by COVID-19 by Joseph L. Saka, CPA/PFS

Posted on March 16, 2020 by Joseph Saka

The Small Business Administration (SBA) announced it will offer up to $2 million in low-interest disaster-recovery loans to support the nation’s 30 million small businesses suffering losses due to the novel coronavirus (COVID-19). Under the Economic Injury Disaster Loan program, the SBA will provide states and territories with federal aid to help qualifying small businesses […]

Is your Business Ready for the New Overtime Rules in 2020? by Adam Cohen, CPA

Posted on March 04, 2020 by Adam Cohen

With the cheer of a New Year, businesses must contend with new rules for calculating employees’ overtime hours under the Fair Labor Standards Act (FLSA). According to the Department of Labor, companies will need to begin paying overtime in 2020 to approximately 1.3 million workers who were not previously eligible to receive it. In general, […]

The Immediate Impact of 754 Elections When Selling, Buying or Liquidating Partnership Interest by John G. Ebenger, CPA

Posted on February 04, 2020 by John Ebenger

The sale, exchange or liquidation of partnership interest in appreciated property, such as real estate, is a common occurrence among partners and members of partnerships and LLCs taxed as partnerships. Whether due to disagreements among the partners, the death or divorce of a partner, or the addition of new partners, these transactions can result in […]

IRS Guidance Puts Businesses in a Tight Spot with New Parking Rules by Richard E. Cabrera, JD, CPA

Posted on January 30, 2020 by Richard Cabrera

Since Congress passed the Tax Cuts and Jobs Act (TCJA) in December 2017, it has focused a lot of attention on the new law’s lower individual and corporate tax rates. What Congress is not publicizing are some the revenue raisers it wrote into the TCJA to pay for the new tax cuts, including the elimination […]

How Growing Businesses Can Hack QuickBooks Reporting to Combine Multiple Entities by Debra Sears, CPA

Posted on January 30, 2020 by Debra Sears

QuickBooks has long been the go-to financial reporting and accounting solution for small-to-mid-size businesses. However, as these companies grow and take on more complex organizational structures, they may find it challenging to combine the financial data and analytics of multiple entities. Rather than continuing to operate with sub-par data or investing significant dollars into robust […]

IRS Updates Standard Mileage Rates, Guidance for 2020 by Lewis Taub, CPA

Posted on January 29, 2020 by Lewis Taub

The IRS updated the standard mileage rates that taxpayers may use to substantiate the costs they incur, and may be reimbursed by their employers, when they use their personal cars, vans or trucks for business purposes. These are the rates taxpayers will use beginning on Jan. 1, 2020, for the tax returns they will file […]

IRS Updates Rules, Per Diem Rates for Business Travel Expenses by Andreea Cioara, CPA

Posted on January 21, 2020 by Andreea Cioara

The IRS recently updated the daily rates that employers may use to reimburse their employees for the ordinary and necessary expenses incurred when traveling for business purposes, including the costs that workers pay out of their own pockets for lodging, meals and entertainment, rental cars and car-share services. In general, companies have two options when […]

Category: Business Owners