The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when business website costs are deductible. Fortunately, established rules that generally apply allowing for website cost tax deductible, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to the … Continue reading “Business Website Costs: How To Handle Them For Tax Purposes”
Month: September 2020
Weighing the Risks vs. Rewards of a Mezzanine Loan
To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of companies affected by COVID-19 has lowered many of their revenues. However, this pandemic may have also opened opportunities for others to expand or pivot into more profitable areas. … Continue reading “Weighing the Risks vs. Rewards of a Mezzanine Loan”
2020 Q4 Tax Calendar: Key Deadlines for Businesses & Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Thursday, … Continue reading “2020 Q4 Tax Calendar: Key Deadlines for Businesses & Other Employers”
Prioritize Customer Service Now More Than Ever
You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, customer service improvement strategies has become more important than ever. Without a strong base of loyal buyers, and a concerted … Continue reading “Prioritize Customer Service Now More Than Ever”
Employers Have Questions & Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. This includes deferring employee social security taxes. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still … Continue reading “Employers Have Questions & Concerns About Deferring Employees’ Social Security Taxes”
ESOPs Offer Businesses A Variety Of Potential Benefits
Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some tax breaks, an … Continue reading “ESOPs Offer Businesses A Variety Of Potential Benefits”
5 Key Points About Bonus Depreciation
1. Bonus Depreciation Phase Out from 2023 through 2027 Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, … Continue reading “5 Key Points About Bonus Depreciation”
Helping Employees Understand Their Health Care Accounts
Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs). Offerings for HSAs are usually in conjunction with a high-deductible health plan. For employees … Continue reading “Helping Employees Understand Their Health Care Accounts”