Leasing asset equipment or vehicles has become a common alternative to purchasing for business entities. Of the two types of leases - capital leases and operating leases - each is used for different purposes and results in differing accounting treatment and tax consequence on the books of a business. What is a capital lease? A [...]
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject to double taxation. Double taxation occurs when corporate income is taxed [...]
Taxpayers and tax practitioners received guidance from the IRS on what to expect in the areas of audits, collections, tax return processing, and Tax Court operations now that the government shutdown has concluded. The IRS explained on its website that IRS employees returned to work on Jan. 28 and are going through mail and voicemail [...]
With the partial federal government shutdown now going into its 34th day as of Jan. 24, the already daunting chore of filing taxes may have some taxpayers especially weary. The Internal Revenue Service (IRS) has been closed since the shutdown began on Dec. 22, but the period for filing tax returns officially opens in just [...]
Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. Whether you’re thinking about your 2016 filing or planning for 2017, it’s important to be aware of the challenges that apply to your particular situation. Partnerships and [...]
You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments [...]
