Independent Contractor vs. Employee

Hiring people is one of the most important things you do as a business owner and often there can be some gray area as to whether a person is an independent contractor or an employee.  This distinction is very important and can be very costly in the form of penalties and fines, if the wrong… Read More

Employee Business Expenses

If you are an owner-employee or have employees, it is important to know the tax rules for employee business expenses. In this segment of our Tax Update, we will explain the reporting and deduction requirements for expenses incurred by employees in connection with your business. Common employee expenses include business meals, supplies, travel away from… Read More

Prepare for an IRS audit

No doubt about it, tax audits can be stressful! Who wants to go through an IRS or state tax No one wants to have the experience of going through an IRS examination. But if you do receive a tax exam notice, what should you do?  That is the subject of this week’s Tax Update. The… Read More

Eliminating Interest Deductions and Tax Reform Updates

Since the Inauguration of Donald Trump as President, Tax Reform has ground to a halt, as Health Care Reform and other more controversial matters have captured Capitol Hill’s attention.  One little noticed proposal some Congressmen are favoring is the elimination of the business interest deduction on loans and other debt. Currently, companies and individuals can… Read More

Is it Really the IRS Knocking?

With continuing phone, e-mail and in-person scams rampant, in this segment of our Tax Update, we will help you understand how and when the IRS contacts taxpayers, and how to determine whether a contact is truly from an IRS employee. While the IRS initiates most contacts through regular mail delivered by the U.S. Postal Service,… Read More

Start-up Expenses

If you are an existing business owner who is considering expanding into a new line of business or a new owner who incurred costs starting your business, you need to be aware of start-up expenses.  Start-up expenses are a special category of tax deductions which would otherwise be nondeductible until the business is disposed, but… Read More

The Proposed Border Adjustment Tax

A business tax reform proposal by Republicans in the U.S. House of Representatives, and championed by Speaker Paul Ryan, has caused quite a stir in certain retail industries.  To be sure, the tax reform proposal is novel in its destination-based cash-flow approach that resembles a value-added tax (or “VAT”) more than a traditional income tax. … Read More

Fully Deductible Meals and Entertainment Expenses

Summer is here, and that means it is time to get outside and enjoy the sunshine! If your business hosts summer employee outings then the business is eligible to write-off 100% of the expenses for tax purposes. So what are the rules for deducting meals and entertainment expenses?  That is what we will explain in… Read More