Business Owners

IRS Issues Standard Mileage Rates for 2019 by Richard Cabrera, JD, LLM, CPA

Posted on March 05, 2019 by Richard Cabrera

The IRS issued the 2019 optional standard mileage rates that taxpayers may use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Taxpayers also have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Beginning on Jan. 1, 2019, […]

You Cannot Deduct Lobbying Expenses Beginning in 2018 by Adam Cohen, CPA

Posted on February 18, 2019

The new tax law in effect on Jan. 1, 2018, repeals the business deduction for lobbying local governments and their officials, including the Indian Tribal Governments. While businesses are prohibited from deducting lobbying expenses on the federal and state levels, they previously could qualify to deduct the “ordinary and necessary” expenses they incurred to promote […]

IRS Waives Penalties for Underpayments of 2018 Federal Tax Liabilities by Jeffrey M. Mutnik, CPA/PFS

Posted on January 30, 2019

The IRS is providing penalty relief to the millions of taxpayers it says may have fallen short of their total tax liabilities for 2018 due to the revamp of the U.S. tax code under the Tax Cuts and Jobs Act (TCJA). Thanks, in part, to the efforts of the accounting profession, including of the American […]

Business Identity Theft and W-2 Scams are on the Rise by Joseph L. Saka, CPA/PFS

Posted on January 14, 2019 by Joseph Saka

With the start of the 2019 tax season, businesses must educate employees, implement controls and take other steps to avoid falling victim to a growing wave of identity theft and W-2 scams. Identity thieves have been targeting small businesses at an alarming rate. Not only are criminals stealing business data to open credit card accounts […]

Reconstructing Records Following a Disaster Event by Adam Cohen, CPA

Posted on January 03, 2019 by Adam Cohen

Taxpayers affected by disasters, such as fires, floods or hurricanes, may need to reconstruct their records to prove they suffered losses for tax purposes and to qualify for federal assistance and insurance reimbursement. Following are some resources to help individual obtain copies of documentation that they may have lost as a result of a disaster […]

Revisiting C Corporations after Tax Reform and Potential Tax-Free Sales of Corporate Stock by Barry M. Brant, CPA

Posted on December 17, 2018 by Barry Brant

The permanent reduction of the corporate income tax rate from a maximum of 35 percent to a flat 21 percent has led many businesses to reevaluate their current tax positions and reconsider their entity choice. The decision to convert from a pass-through entity to a C corporation, however, should not be based solely on how […]

Are Health Savings Accounts the Future of Healthcare? UPDATED for Tax Reform by Adam Cohen, CPA

Posted on January 02, 2018 by Adam Cohen

While the current administration failed in its attempts to fully repeal the Affordable Care Act (also known as Obamacare), it did secure under a package of tax reform the elimination of the health care law’s individual mandate beginning in 2019. Regardless of how all of this will play out, one consistent trend that continues to […]

Protect your Business from Remote Access Takeover Attacks by Joseph L. Saka CPA/PFS

Posted on November 07, 2017 by Joseph Saka

The wireless networks, cell phones, routers, printers and other electronics that businesses and their employees regularly use in the office setting could be the weak link to allowing hackers to take over an organization’s entire digital network. According to the IRS, remote access takeover attacks are on the rise, putting businesses and their data at […]

Foreign Investors Must Look before they Leap into the U.S.’s Thriving Real Estate Market by Arthur Dichter, JD, LLM

Posted on October 17, 2017 by Arthur Dichter

Commercial and residential real estate in the U.S. continues to be a safe haven for foreign investors who seek the potential for higher yields and capital preservation than they may receive in their home countries or from portfolio investments. However, the potential upside from an investment in the U.S. real estate market comes with the […]

Businesses Impacted by Hurricanes may Qualify for Employee Retention Tax Credit by Ed Cooper, CPA

Posted on October 16, 2017 by Edward Cooper

Businesses located in federally declared disaster areas and impacted by Hurricanes Harvey, Irma and Maria may qualify for an Employee Retention Tax Credit when they continue to pay wages to employees who were displaced by inoperable work locations. Under the Disaster Tax Relief and Airport and Airway Extension Act of 2017, eligible employers may receive […]

Category: Business Owners