Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

What to Do If Your Business Receives a “No-Match” Letter

Posted by L&H CPAs on Aug 20, 2019 9:00:00 AM

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s...

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Tags: Business Owners & Entrepreneurs

The IRS Is Targeting Business Transactions in Bitcoin and Other Virtual Currencies

Posted by L&H CPAs on Aug 7, 2019 12:50:25 AM

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just...

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Tags: Business Owners & Entrepreneurs

Take a Closer Look at Home Office Deductions

Posted by L&H CPAs on Jul 31, 2019 9:00:00 AM

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications.

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Tags: Business Owners & Entrepreneurs

Businesses Can Utilize the Same Information IRS Auditors Use to Examine Tax Returns

Posted by L&H CPAs on Jul 24, 2019 9:00:00 AM

The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

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Tags: Business Owners & Entrepreneurs

M&A Transactions: Avoid Surprises From the IRS

Posted by L&H CPAs on Jul 10, 2019 3:55:09 AM

If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way. Otherwise, you may increase your chances of being...

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Tags: Business Owners & Entrepreneurs

Bartering: A Taxable Transaction Even If Your Business Exchanges No Cash

Posted by L&H CPAs on Jul 2, 2019 10:43:52 AM

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if...

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Tags: Business Owners & Entrepreneurs

Which Entity Is Most Suitable for Your New or Existing Business?

Posted by L&H CPAs on Jun 27, 2019 9:00:00 AM

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%.

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Tags: Business Owners & Entrepreneurs

Hiring This Summer? You May Qualify for a Valuable Tax Credit

Posted by L&H CPAs on Jun 13, 2019 9:00:00 AM

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum...

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Tags: Business Owners & Entrepreneurs

Employers: Be Aware (Or Beware) of a Harsh Payroll Tax Penalty

Posted by L&H CPAs on Jun 5, 2019 9:00:00 AM

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a...

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Tags: Business Owners & Entrepreneurs

Tax-Smart Domestic Travel: Combining Business with Pleasure

Posted by L&H CPAs on May 30, 2019 9:00:00 AM

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some...

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Tags: Business Owners & Entrepreneurs

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