Oct 11, 2016 | Small Business
Typically, it is better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are two timing strategies that can help businesses do this: Defer income to next year. If your business uses the cash method...
Oct 3, 2016 | Small Business
The U.S. Department of Labor is implementing an updated rule regarding white collar employees’ exemptions from overtime eligibility. The new rule takes effect December 1, 2016, and can mean major changes for your business. The regulations determine whether a white...
Sep 13, 2016 | Small Business
If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions. Case 1: Insufficient records In the...
Jul 21, 2016 | Small Business, Tax Tips
You can only deduct losses from an S corporation, partnership, or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset income from other passive activities. Any excess passive loss is...
Jun 29, 2016 | Small Business, Tax Tips
Executives and other key employees are often compensated with more than just salary, fringe benefits and bonuses. They may also be awarded stock-based compensation, such as restricted stock or stock options. Another form becoming more common is restricted stock units...