Business Consulting and Planning

Final Regulations Applying the High-Tax Exclusion to Global Intangible Low-Taxed Income by Timothy Larson, CPA

Posted on September 17, 2020 by Timothy Larson

The IRS recently issued final and proposed regulations relating to the treatment of “high-taxed” global intangible low-taxed income (GILTI), introduced in 2017 by the Tax Cuts and Jobs Act (TCJA). This latest guidance is welcome news to many U.S. investors, who may now make annual elections to exclude high-taxed GILTI from their gross income — […]

IRS Guidance on Payroll Tax Deferral Leaves Many Questions Unanswered by Lewis Taub, CPA

Posted on September 02, 2020 by Lewis Taub

On Aug. 28, 2020, the IRS issued guidance to help employers carry out the temporary deferral of payroll taxes, which the President introduced three weeks prior as a measure to “put money directly in the pockets of American workers” and kickstart the economy. However, taxpayers should be forewarned that the guidance does not answer all […]

But I Already Paid the Tax by Jeffrey M. Mutnik, CPA/PFS

Posted on August 27, 2020 by Jeffrey Mutnik

The IRS typically takes about two weeks to process paper tax returns and payments it receives via mail from taxpayers. However, 2020 is far from typical. In the current environment, taxpayers should be prepared for some challenges, some of which the IRS is working to alleviate. Due to the IRS’s temporarily shut down of most […]

Lessons in Bankruptcy for Struggling Business Owners by Joel Glick, CPA/CFF, CFE, CGMA

Posted on August 20, 2020 by Joel Glick

The economic realities of the COVID-19 health crisis are setting in, forcing businesses of all sizes and in all industries to think about how and if they can continue to meet their existing financial obligations and remain afloat without taking on more debt. While some business owners consider bankruptcy to be a death knell for […]

Differentiating Repairs from Capital Improvements to Real Estate by Angie Adames, CPA

Posted on August 13, 2020 by Angie Adames

There is no doubt the tax laws concerning real estate are complex. One of the more common challenges faced by owners and investors is distinguishing between property repairs and capital improvements. While both can provide tax benefits, an incorrect classification could have significant impact on the amount of taxes you owe. The U.S. tax code […]

COVID-19 Plagues the IRS’s 2020 List of Dirty Dozen Tax Scams by Joseph L. Saka, CPA/PFS

Posted on August 06, 2020 by Joseph Saka

There is no doubt that the COVID-19 health crisis has permeated almost every aspect of life in 2020. According to the IRS, the pandemic has even spread to the agency’s annual list of the 12 most common tax scams criminals use to steal taxpayers’ money and personal information. Following are the “Dirty Dozen” schemes to […]

2019 Tax Refunds to be Delayed by Joanie B. Stein, CPA

Posted on July 30, 2020 by Joanie Stein

The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]

Businesses Have More Time to Apply for Paycheck Protection Program (PPP) Loans by Joseph C. Leuchter, CPA

Posted on July 15, 2020 by Joseph Leuchter

Congress agreed to extend the timeline of the Paycheck Protection Program (PPP) to August 8, giving small businesses and nonprofit organizations an additional five weeks to apply for potentially forgivable government-backed loans. The PPP was introduced by the CARES Act to help qualifying businesses, nonprofits and self-employed taxpayers maintain operations and retail employees through the […]

Which COVID-19-Related Payroll Tax Credits Is My Business Eligible to Receive? by Cherry Laufenberg, CPA

Posted on July 02, 2020 by Cherry Laufenberg

In the wake of the COVID-19 pandemic, the U.S. enacted laws providing a variety of financial-relief measures to support businesses struggling to maintain operations and payroll through the crisis period. Key among those provisions are tax credits for businesses that retain employees despite full or partial suspensions of their operations and that continue to pay […]

Businesses Must Know Where Workers Are to Minimize Out of State Tax Headaches by Karen A. Lake, CPA, CFST

Posted on July 01, 2020 by Karen Lake

Businesses that were forced to close their offices and send employees home to work remotely during the COVID-19 pandemic must consider how those actions may impact their state and local tax payment and reporting obligations. Just one employee telecommuting from a state outside his or her usual work location may be enough to trigger a […]

Category: Business Consulting and Planning