Jan 30, 2020 | Firm Updates, Small Business
In late 2017, the Tax Cuts and Jobs Acts (TCJA) created the most significant overhaul of the tax system in over 30 years. Throughout 2018, the IRS issued notices to clarify the new law and its effects on taxpayers. The IRS issued notice 2018-99 regarding parking...
Jan 17, 2020 | Firm Updates, Small Business
The Modified Accelerated Cost Recovery System (MACRS) is required for most tangible depreciable property placed in service after the year ending December 31, 1986, unless certain specific exceptions apply. The useful lives under MACRS include 3, 5, 7, 10, 15, 20,...
Dec 20, 2019 | Firm Updates, Individual Tax, Small Business
With the holiday season in full swing, your business may choose to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by...
Nov 12, 2019 | Firm Updates, Small Business, Tax Tips
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. If you willfully fail to do...
Oct 8, 2019 | Firm Updates, Small Business, Tax Tips
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...
Sep 16, 2019 | Firm Updates, Small Business
A going concern is a company that has substantial doubt that it will be able to meet its financial obligations within one year after the date its financial statements are issued. A company that is not a going concern, therefore, has the resources needed to continue...
