Category: Small Business

Small Business

IRS Sets Standard Mileage Rates for Use of a Vehicle in 2023 by Steven Rubin, CPA


Posted on March 23, 2023 by Steven Rubin

With the start of a new year, the IRS announced the inflation adjustments taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes. Alternatively, taxpayers may calculate these deductible expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2023, the […]

Partnerships and S Corporations Face New K-2 and K-3 Filing Requirements by Claribel Velazquez, CPA


Posted on March 08, 2023 by Claribel Velazquez

Beginning with tax year 2021, the IRS required partnerships, S corporations and other pass-through entities with “international tax relevance” to annually prepare new Schedules K-2, Partners’ Distributive Share Items – International, and K-3, Partner’s Share of Income, Deductions, Credits, etc. – International along with their Schedules K and K-1. Today, however, as these entities prepare […]

Qualified Opportunity Zone Issues, Challenges and Other “Pain Points” for Investors and Developers by Arthur J. Lieberman


Posted on February 28, 2023 by Art Lieberman

Opportunity funds are going into their sixth year since their 2018 launch. They got off to a slow start as the IRS struggled to issue guidance on the many statutory rules applicable to these funds while the states struggled to designate the areas eligible for qualified opportunity fund investments. Covid also became a challenge, causing the IRS […]

R&D Tax Credits Can be a Boon to Real Estate Businesses by Karen A. Lake, CPA


Posted on February 21, 2023 by Karen Lake

Mentioning the federal research and development (R&D) tax credit often conjures up images of scientists in white coats conducting lab experiments. Truth be told, the credit, which can reduce taxpayers’ federal tax liabilities, applies to a wide variety of activities conducted by companies outside of labs in an even broader range of industries, including construction […]

Real Estate Owners, Builders, Contractors Can Find Valuable Tax Savings in New Law by Kevin McNally, JD


Posted on February 14, 2023 by Kevin McNally

The passage of the Inflation Reduction Act in 2022 ushered in new and expanded tax-saving opportunities for individuals and businesses that produce, adopt and/or invest in energy-efficient technologies, including wind, solar and geothermal power. This includes an extension of tax savings to commercial real estate property owners and, for the first time, real estate investment […]

Are You Ready to File Your 2022 Tax Returns? by Angie Adames, CPA


Posted on January 31, 2023 by Angie Adames

January 23rd marked the start of the U.S.’s 2023 tax season and the official date the IRS began accepting and processing individuals’ 2022 tax returns. Following are the critical deadlines and details taxpayers should keep in mind as they gather required documents and work with their CPAs and accountants to meet their federal tax-filing obligations. […]