Business tax

TOPICS / TAX

January 1, 2023

The research credit: Payroll tax offset

Qualified small businesses without a federal income tax liability can offset their payroll tax and see near-term tax savings.

January 1, 2023

The rise of the cash balance pension plan

Become familiar with this hybrid type of pension plan and its advantages for the right businesses.

September 1, 2022

Handling sales tax nexus audits

Be wary when a state sends a nexus questionnaire.

December 6, 2021

Early sunset of the employee retention credit gets penalty relief

The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.

November 11, 2021

Infrastructure analysis: The ERC’s end, and what’s next

An AICPA vice president analyzes the recently passed Infrastructure Investment and Jobs Act and previews what’s to come regarding budget reconciliation and key tax provisions.

November 10, 2021

IRS issues inflation adjustments for 2022 returns

The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.

November 9, 2021

Employee retention credit: Opportunities remain

The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.

November 1, 2021

Safe harbor for ERC gross-receipts test

The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts

December 1, 2019

Business tax quick guide — tax year 2019

Download and print this quick guide for use during tax season, and look for our quick guide for individual taxpayers in the January 2020 issue.

July 1, 2019

W-2 wages and Sec. 199A

Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.

March 1, 2019

Medical marijuana dispensary is denied increases to its COGS

The taxpayer, as a reseller, could not include indirect inventory costs in its cost of goods sold.

February 1, 2019

Claiming the R&D credit against payroll tax or AMT

Smaller taxpayers now are afforded greater
flexibility.

January 1, 2019

Tackling TCJA changes this tax season

An altered landscape awaits CPA preparers and their clients.

January 1, 2019

Statutory employees and the QBI deduction

The hybrid nature of these specified occupations may allow taxpayers in them to claim the 20% deduction of Sec. 199A from qualified business income.

December 1, 2018

Business tax quick guide — tax year 2018

Download or print this quick guide for use during tax season.

December 1, 2018

Tax Court sustains deficiencies for medical marijuana business

Nonmarijuana merchandise sales did not constitute a separate business, and the cost of goods sold was limited to amounts the IRS conceded, the court finds.

December 1, 2018

The pros and cons of LLCs

Here are several key characteristics CPAs need to know about limited liability companies and how they compare with other entities.

October 1, 2018

Tax reform law deals pro gamblers a losing hand

The Tax Cuts and Jobs Act shut down net losses on a Schedule C from wagering as a trade or business. Find out how the stakes have changed.

September 1, 2018

Tax Court again denies microcaptive insurance arrangement

A second taxpayer’s captive fails to qualify as an insurance company.

August 1, 2018

PEO is statutory employer

The Tax Court allows a refund of overpaid Social Security taxes to professional employer organization Paychex.

FROM THIS MONTH'S ISSUE

How a CPA beat burnout after strokes, depression

Randy Crabtree, CPA, suffered two strokes in four days and struggled with his mental health for years before he learned to recognize, address, and prevent chronic stress. Learn from his insights on how CPAs can avoid professional burnout.