Use the tax code to make business losses less painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing...
Treasury Secretary Steven Mnuchin announced that the IRS will allow taxpayers to defer payments for 2019 tax returns until July 15, subject to certain caps. For individuals, the amount of tax which can be deferred is up to $1 million. Corporations can defer up to $10 million. These limits were selected to provide benefits to small businesses which report income through pass-through entities such as partnerships or S corporations.
This recent announcement raised several questions which we are monitoring:
Many of you have already sent us information to prepare your 2019 tax returns. We will continue to work diligently to complete the work we have on hand and for those who need/want to file sooner than later for refunds, FAFSA, or other necessary reasons.
We are prepared to serve you during these challenging times and appreciate your confidence in us. We will continue to update you with any additional details as they develop.
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing...
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