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...
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ConnollySteele
Mar 7, 20232 min read
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, 20232 min read
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, 20232 min read
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, 20232 min read
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, 20232 min read
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, 20231 min read
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, 20232 min read
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, 20233 min read
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, 20232 min read
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, 20222 min read
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, 20222 min read
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, 20222 min read
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, 20222 min read
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, 20222 min read
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, 20222 min read
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, 20222 min read
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, 20222 min read
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, 20222 min read
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...
ConnollySteele
Sep 26, 20222 min read
Work Opportunity Tax Credit provides help to employers
In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and...
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