Tax

What to Consider When Selecting an Employee Benefits Plan

By |2019-01-16T09:51:45+00:00January 16th, 2019|Accounting, Advisory, Economy, Employment, Insurance, IRS, Tax|

For business owners, identifying ways to provide fringe benefits to attract and retain employees has become more crucial than ever.  In this era of low unemployment rates, having a competitive advantage in the labor market can be difficult. This will, in turn, impact a business’ ability to recruit and retain qualified employees and keep operations [...]

Highly Appreciated Assets: Should You Keep it, Sell it, or Die with it?

By |2019-01-16T09:51:09+00:00January 9th, 2019|Accounting, Agriculture, Estate Planning, Executor, IRS, Preparation, Tax, Tax Reform, Value|

Keep it, sell it, or die with it may seem like strange choices, but with highly appreciated assets, those may be the very choices that need to be considered.  Examples of highly appreciated assets include real estate and stock investments which have gone up significantly in value.   Let’s look at an example.  To Sell Or [...]

S Corporation or C Corporation – What is Right for My Business?

By |2019-01-16T09:52:18+00:00January 2nd, 2019|Advisory, Change, Deductions, Shareholder, Tax, Tax Reform, Tips|

The Tax Cuts and Jobs Act has many business owners evaluating whether or not they have the right entity structure.  The S corporation business structure offers many benefits, including limited liability for owners and no double taxation. But not all businesses are eligible - and, with the new 21% flat income tax rate that now [...]

Filing Date Options for Farm Returns

By |2019-01-25T11:28:34+00:00December 23rd, 2018|Accounting, Agriculture, Change, Compliance, IRS, Preparation, Tax, Tax Reform|

It’s a  mystery to many farmers why their tax return filing deadline is March 1, while the filing date for most taxpayers is in April. There are multiple date options when filing your farm returns. Susan K. Voss, CPA will explain the options, the benefits of each and will  explain why filing by March 1, [...]

Tax Bill Allows for Deduction equal to 20% of Qualified Business Income

By |2018-11-16T15:42:30+00:00November 16th, 2018|Agriculture, Change, Compliance, Deductions, IRS, Tax, Tax Reform|

   In continuation of our last article by Susan K. Voss, CPA, of our Agriculture Team, let’s review another new IRC code section 199A, created in the Tax Cuts and Jobs Act that will impact both the agricultural and commercial industries beginning January 1, 2018 and ending January 1, 2026. The following is [...]

What Accounting and Payroll Reminders Should You Keep in Mind for 2019?

By |2018-11-16T15:25:13+00:00October 16th, 2018|Accounting, Compliance, IRS, Payroll, Preparation, Tax, Tax Planning, WOTC|

The end of the calendar year will soon be upon us.  There are a few items to keep in mind as you begin to think about government forms that must be submitted in January. Bonuses Employers often give their employees holiday bonuses around the end of the year. It is important to remember that all [...]

Do You Need to Adjust Your Withholding?

By |2018-08-28T16:57:05+00:00August 28th, 2018|Accounting, Change, Deductions, IRS, Preparation, Tax, Tax Planning|

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should [...]

Choosing the Best Business Entity Structure Post-TCJA

By |2018-08-22T14:58:38+00:00August 22nd, 2018|Advisory, Change, Tax, Tax Planning, Tax Reform|

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities, [...]

The Tax Cuts and Jobs Act Changes Some Rules for Deducting Pass-Through Business Losses

By |2018-08-24T13:55:12+00:00August 22nd, 2018|Accounting, Change, Preparation, Tax, Tax Reform|

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct [...]

Tax Provisions That May Affect Small Businesses

By |2018-08-14T15:39:40+00:00August 14th, 2018|Change, Tax, Tax Planning, Tax Reform|

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act that may significantly impact their taxes for 2018 and beyond. Generally, these changes apply to tax years beginning after [...]