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Providing education assistance to employees? Follow these rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee...
ConnollySteele
Jun 11, 20212 min read


Claiming the business energy credit for using alternative energy
Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable...
ConnollySteele
Jun 11, 20212 min read


Know the ins and outs of “reasonable compensation” for a corporate business owner
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as...
ConnollySteele
May 18, 20212 min read


Simple retirement savings options for your small business
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment...
ConnollySteele
May 10, 20212 min read


Tax advantages of hiring your child at your small business
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are...
ConnollySteele
Apr 11, 20212 min read


Need a new business vehicle? Consider a heavy SUV
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV),...
ConnollySteele
Apr 6, 20212 min read


Is an S corporation the best choice of entity for your business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the...
ConnollySteele
Mar 31, 20212 min read


The latest on COVID-related deadline extensions for health care benefits
Employers that sponsor health care plans should start devising communication strategies regarding COVID-related deadline extensions and...
ConnollySteele
Mar 28, 20212 min read


Launching a small business? Here are some tax considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many...
ConnollySteele
Mar 28, 20212 min read


Can your business benefit from the enhanced Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their...
ConnollySteele
Feb 21, 20212 min read


PPP loans have reopened: Let’s review the tax consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re...
ConnollySteele
Jan 25, 20212 min read


The right entity choice: Should you convert from a C to an S corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses...
ConnollySteele
Dec 30, 20202 min read


Prevent and detect insider cyberattacks
In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen...
ConnollySteele
Dec 30, 20202 min read


2021 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind...
ConnollySteele
Dec 30, 20202 min read


Drive more savings to your business with the heavy SUV tax break
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on...
ConnollySteele
Dec 30, 20202 min read


The QBI deduction basics and a year-end tax tip that might help you qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is...
ConnollySteele
Dec 12, 20202 min read


Why do partners sometimes report more income on tax returns than they receive in cash?
Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than...
ConnollySteele
Nov 28, 20202 min read


File cash transaction reports for your business — on paper or electronically
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these...
ConnollySteele
Nov 28, 20202 min read


5 key points about bonus depreciation
You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five...
ConnollySteele
Nov 28, 20202 min read


Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit...
ConnollySteele
Nov 28, 20202 min read
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