Posted on December 30, 2019
by
Jack Winter
Businesses have until January 31, 2020, to file employee wage statements and non-employee compensation forms with the federal government for tax year 2019. Failure to correctly and timely file this information may result in penalties and back wages and back taxes. The Forms to File Employers must provide IRS Forms W-2, Wage and Tax Statement, […]
Posted on December 30, 2019
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 […]
Posted on December 27, 2019
by
Debra Sears
Forward-thinking businesses are embracing technology and the convenience of mobile apps to improve the efficiency of routine administrative tasks, including expense reporting. Not much has changed over the past decade in the way in which employees submit expense reports. Workers are responsible for tracking their expenditures, recording them as line-items on Excel spreadsheets and saving […]
For many small business owners, taxes are a once-a-year chore that requires them to dig through files of paper and pull together all of the documents required by their tax preparers to file their annual returns. Truth be told, maintaining tax compliance and minimizing one’s annual tax bill is a year-round process that demands constant […]
Posted on December 17, 2019
by
Joanie Stein
It is not uncommon for entrepreneurs to go into business with family members or to employ close relatives to work in their companies. In fact, putting family members on your payroll can not only help them earn their own money and gain valuable work experience, but it can also provide business owners with some unique […]
The Financial Accounting Standards Board (FASB) recently issued ASU 2019-10, extending the deadline for privately held businesses and not-for-profit organizations to comply with new accounting standards for recognizing leases and credit losses. Both standards were introduced in 2016 in an effort to improve financial reporting transparency and to provide readers of financial statements with a […]
Posted on December 03, 2019
The IRS recently announced the annual inflation adjustments to various provisions of the tax code for 2020. Taxpayers should consider these changes very carefully as they plan for tax efficiency in 2020 and when they prepare to file their 2020 tax returns in 2021. It is also for taxpayers to keep in mind that these […]
Posted on November 12, 2019
by
Karen Lake
The Florida legislature recently voted to again reduce the sales tax that commercial real estate owners charge and receive from tenants to 5.5 percent in 2020 from its current rate of 5.7 percent. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage for motor […]
Posted on October 31, 2019
by
Edward Cooper
Businesses that own rental property and are organized as pass-through entities, such as S corporations, partnerships or LLCs, may have a unique ability under the Tax Cuts and Jobs Act (TCJA) to potentially obtain a deduction for up to 20 percent of the qualified business income (QBI) they generate from leasing real estate. Section 199A of the tax […]
Posted on October 22, 2019
by
Daniel Hughes
Business sales, mergers and acquisitions involve a delicate dance between sellers, hoping to receive the maximum amount for their companies, and buyers, who want to ensure that the price they pay aligns with the reality of the business’s current operations and ongoing financial performance. A critical component of a buyer’s due diligence process has been […]
