2023 Q2 tax calendar: Key deadlines for businesses and employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in...
top of page
Your go-to, trusted partner for more
informed financial decisions.
The latest news from Connolly Steele about personal & business accounting, payroll & tax services plus financial advice & planning.
Search
ConnollySteele
- Mar 14
- 2 min
Changes in Sec. 174 make it a good time to review the R&E strategy of your business
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions...
ConnollySteele
- Mar 7
- 2 min
Protect the “ordinary and necessary” advertising expenses of your business
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new...
ConnollySteele
- Mar 2
- 2 min
Buying a new business vehicle? A heavy SUV is a tax-smart choice
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break...
ConnollySteele
- Feb 22
- 2 min
Do you run a business from home? You may be able to deduct home office expenses
Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on...
ConnollySteele
- Feb 15
- 2 min
Key tax issues in M&A transactions
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A...
ConnollySteele
- Feb 7
- 2 min
Have employees who receive tips? Here are the tax implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include...
ConnollySteele
- Feb 2
- 1 min
Many tax limits affecting businesses have increased for 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than...
ConnollySteele
- Jan 24
- 2 min
Forms W-2 and 1099-NEC are due to be filed, soon!
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired...
ConnollySteele
- Jan 19
- 3 min
How the new SECURE 2.0 law may affect your business
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every...
ConnollySteele
- Jan 9
- 2 min
Employers should be wary of ERC claims that are too good to be true
Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? It might be possible for some employers,...
ConnollySteele
- Dec 28, 2022
- 2 min
How to minimize the S corporation LIFO recapture tax
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using...
ConnollySteele
- Dec 5, 2022
- 2 min
Choosing a business entity? Here are the pros and cons of a C corporation
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the...
ConnollySteele
- Nov 28, 2022
- 2 min
Intangible assets: How must the costs incurred be capitalized?
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so...
ConnollySteele
- Nov 21, 2022
- 2 min
Is your business closing? Here are your final tax responsibilities
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration,...
ConnollySteele
- Nov 14, 2022
- 2 min
Computer software costs: How does your business deduct them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer...
ConnollySteele
- Nov 9, 2022
- 2 min
Inflation means you and your employees can save more for retirement in 2023
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently...
ConnollySteele
- Nov 7, 2022
- 2 min
2023 limits for businesses that have HSAs — or want to establish them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these...
ConnollySteele
- Oct 17, 2022
- 2 min
Providing fringe benefits to employees with no tax strings attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to...
ConnollySteele
- Oct 10, 2022
- 2 min
What local transportation costs can your business deduct?
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for...
bottom of page