The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the … Continue reading “Inflation Reduction Act Provisions of Interest to Small Businesses”
Month: August 2022
Evaluating An ESOP From A Succession Planning Perspective
If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk are employee stock options via employee stock ownership plan (ESOP). Strictly defined, an ESOP is considered a retirement plan for employees. But it can also play a role in succession planning by facilitating … Continue reading “Evaluating An ESOP From A Succession Planning Perspective”
Why An LLC Might Be The Best Choice Of Entity For Your Business
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity. This is because its structure can resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best of … Continue reading “Why An LLC Might Be The Best Choice Of Entity For Your Business”
Is It Time For Your Business To Fully Digitize Its Accounts Receivable?
Electronic payments and in-app purchases are becoming so much the norm. As such, many midsize to large companies have grown accustomed to digitalizing accounts receivable. But there are some smaller businesses that continue to soldier on with only partially automated payment systems. If your company is still using paper-based processes, and suffering the consequences, it … Continue reading “Is It Time For Your Business To Fully Digitize Its Accounts Receivable?”
Provide Employee Parking? Here’s What The IRS Wants To Know
Many offices, plants and other business facilities are once again filled with real, live people. And those hard-working employees need somewhere to park. If your company provides employee parking fringe benefit, the IRS may take an interest in the arrangement. This includes either on or near your premises or at a location from which employees … Continue reading “Provide Employee Parking? Here’s What The IRS Wants To Know”
How To Treat Business Website Costs For Tax Purposes
These days, most businesses have websites. But surprisingly, the IRS isn’t issuing any formal guidance deducting website costs. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Plus, businesses can turn to IRS guidance that … Continue reading “How To Treat Business Website Costs For Tax Purposes”
6 Steps To Easing Employees’ Fears About Business Innovation
Business owners often find the greatest obstacle to innovation isn’t the change itself, but employees’ resistance to it. Their hesitation or outright defiance towards business innovation is frequently driven by fear. Some workers might worry about how the innovation will alter their jobs — or whether it will even eliminate their positions. Others could reject … Continue reading “6 Steps To Easing Employees’ Fears About Business Innovation”