TCJA Update: Is your Business Eligible for the Cash Method?

The Tax Cuts and Jobs Act expanded the eligibility of the cash method for businesses. Usually, if a business’s receivables exceed its payables, the cash method of accounting will allow more income to be deferred

Urgent W-2 and 1099 Filings Notice

There is a major change regarding W-2 and 1099 filings. In 2018, the IRS issued regulations that virtually eliminated the ability to ask for an extension to file these forms. This change means you must

Understanding the IRS and Tax Filing Claims

Paying your taxes is serious—and the government wants you to know it. For the first time in years, Minnesota and Wisconsin now have a permanent director in the U.S. Attorney’s office dedicated to fighting tax

There’s Still Time to Reduce your 2018 Tax Liability

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Sec. 179 expensing and bonus depreciation both allow an immediate deduction for the

TCJA Provisions: Research Credit May Be Available

If your company engages in qualified research activities, revisit the research credit to be sure you’re taking full advantage of its benefits. Changes under the TCJA could make the credit more valuable and/or available for

That Time of the Year to Review your Business’s Expenses

It's getting to be that time of the year to review your business's expenses for deductibility. The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many business

What You Need To Know About Independent Contractors

Independent Contractor vs. Employee: Worker Classification Matters Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t

Comparison of Cash and Accrual Reporting Methods

Tax reform has opened the door for more companies to use the simpler cash method of accounting. Small businesses tend to convert to accrual-basis reporting vs. cash for federal tax purposes. While simpler is often

When to Consider a Cost Segregation Study

A cost segregation study can accelerate depreciation deductions Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. These studies combine accounting

Important Deadlines for 2018 Q4 Tax Calendar

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply

Load More Posts