To prevent illicit business practices like money laundering, the Corporate Transparency Act has created a new, mandatory reporting requirement for most small businesses, beginning January 1, 2024. The form will be sent to FINCEN, (Financial Crimes Enforcement Network), a branch of the Treasury Department. The form, which has not been released yet, requests the identifying… Read more »
IRS increases mileage rate for remainder of 2022
IR-2022-124, June 9, 2022 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months… Read more »
Oregon offers new pass-through entity tax election to get around SALT cap
Due to a recent Oregon tax law change that affects all pass-through entities (Multi-Member LLCs, Partnerships and S-Corps) we want to inform you that there is a new tax election that may save a significant amount of money. Income from your business is normally passed through to your personal tax returns and taxed there. Beginning… Read more »
H.R. 133-Consolidated Appropriations Act of 2021
We just received news that the president has signed the proposed budget/stimulus bill which contained a number of changes we want you all to be aware of. H.R. 133-Consolidated Appropriations Act of 2021 Congress just passed another bill that includes some major tax changes in addition to the direct stimulus payments. Whether you… Read more »
IRS announces July 15th individual tax filing deadline in response to COVID-19
Friday, Treasury Secretary Steven Mnuchin announced that the IRS will be moving the income tax filing deadline from April 15th, 2020 to July 15th, 2020. Saturday the IRS issued a news release confirming this here: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed This applies to all tax returns, and also extends the payment deadline to July 15th. There is no extension to… Read more »
Small business owners, don’t miss the opportunity to maximize the new 20% Qualified Business Income deduction!
The 2017 Tax Cuts and Jobs Act added one of the largest tax benefits to small business owners in decades. The IRC section 199A Qualified Business Income deduction (QBI) allows flow-through entities to claim a deduction of up to 20% of their qualified business income. These flow-through entities include: Sole proprietorships Partnerships S-corporations, and Certain… Read more »
Opportunity Funds, Don’t Miss Out on this Little Known Tax Break
What are Opportunity Funds? Opportunity Funds are either a partnership or corporation that invests in eligible property located in an Opportunity Zone. An Opportunity Zone is an economically challenged area where certain new investments receive preferential tax treatment. A location qualifies as after a State has nominated the area and the Secretary of the U.S…. Read more »
New Family Leave Credit-IRC Section 45S
Eligible employers can claim a general business credit from 12.5 percent to 25 percent of the cost of each hour of paid leave. In order to qualify, employers will have to provide at least two weeks of leave to employees at a minimum of 50 percent of their regular earnings. General Highlights of the New… Read more »
If Your Company’s Gross Receipts are Less Than $25,000,000, You Need to Read This
Beginning 1/1/18, for companies with annual average gross revenues in the prior three years is less than $25,000,000, you: Use the cash method of accounting, Are not subject to the Uniform Capitalization Rules of IRC Section 263A, Can use the completed contract method for long-term contracts, And are not subject the 30% limit on interest… Read more »
100% Bonus Depreciation and other Depreciation Changes Under the Tax Act
The Tax Cuts and Jobs Act made significant changes to depreciation on assets placed in service during the year. The changes allow business owners greater accelerated write-offs for most assets purchased during 2018; some of these changes went into effect for assets placed in service after 9/27/2017. 100% Bonus Depreciation on Qualifying Assets Available for… Read more »