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ConnollySteele
Dec 30, 20202 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 12, 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
Nov 28, 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
Business website costs: How to handle them for tax purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs...
ConnollySteele
Nov 28, 20202 min read
The tax rules for deducting the computer software costs of your business
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or...
ConnollySteele
Nov 28, 20202 min read
The 2021 “Social Security wage base” is increasing
Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just...
ConnollySteele
Nov 26, 20202 min read
The importance of S corporation basis and distribution elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business...
ConnollySteele
Nov 26, 20202 min read
Health Savings Accounts for your small business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be...
ConnollySteele
Nov 26, 20203 min read
Do you want to withdraw cash from your closely held corporation at a low tax cost?
Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend...
ConnollySteele
Nov 26, 20202 min read
Tax responsibilities if your business is closing amid the pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any...
ConnollySteele
Nov 26, 20203 min read
New business? It’s a good time to start a retirement plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are...
mconnolly54
Jul 3, 20193 min read
Which entity is most suitable for your new or existing business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal...
mconnolly54
Jul 3, 20191 min read
2019 Q3 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 third quarter of 2019. Keep in mind...
mconnolly54
Jul 3, 20193 min read
Hiring this summer? You may qualify for a valuable tax credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity...
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