Batley CPA Tax & Business Alert July 2020
The novel coronavirus (COVID-19) crisis this year has created ample opportunities for dishonest individuals and criminal organizations. This article suggests various protective actions to take to avoid becoming a victim.
Batley CPA Tax & Business Alert June 2020
Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS deferred the filing and payment deadlines for federal tax returns. This article recaps the relief and discusses what taxpayers should know about filing an extension and contributing to certain savings accounts. A sidebar warns that no relief has been issued for 2019 estimated tax penalties.
Batley CPA Tax & Business Alert May 2020
Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow — though it ties up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). This article explains how QOFs work and their potential benefits. A sidebar looks at recent IRS guidance on QOFs.
Batley CPA Tax & Business Alert April 2020
Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. But how can they do so without attracting undue IRS scrutiny and claims of inappropriate compensation? This article explains some important factors to consider for both C corporations and flow-through entities.
Batley CPA Tax & Business Alert March 2020
Gig workers represent a growing segment of the economy. And no matter what the job or app, they all have one thing in common: taxes. This article explores the distinctive aspects of this type of self-employment. A sidebar points out that gig workers may qualify for certain business expense deductions.
Batley CPA Tax & Business Alert February 2020
The Tax Cuts and Jobs Act (TCJA) made a significant impact on the deductibility of various types of interest expense for individuals. One area affected is qualified residence interest. This article reviews the TCJA’s effect on this type of interest. A sidebar looks at the law’s impact on investment interest.
Batley CPA Tax & Business Alert January 2020
Despite the prevalence of Web-based meetings, many of today’s businesses still have plenty of employees who travel. If you still have sales staff or other workers out on the road, and you’re reimbursing them on a tax-free basis for their travel expenses, it’s important for you as the employer to stay up to date on the rules that determine the location of a person’s tax home.
Batley CPA Tax & Business Alert December 2019
Ownership of your assets plays an important role in whether they can be seized by creditors. Thus, it might be wise in some situations to transfer ownership of certain assets to your spouse.
Batley CPA Tax & Business Alert November 2019
To qualify for a bad debt deduction, the underlying debt must be bona fide. That is, you must have loaned the money or extended credit with the expectation that you would be repaid and with the intent to enforce collection if you weren’t repaid.
Batley CPA Tax & Business Alert October 2019
It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS.
