Mar 23, 2023 | Business Planning, Closely Held Business, Tax News
S corporations allow the business to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. But with those great advantages come many rules, including those related to compensation. Shareholder-employees may think...
Mar 21, 2023 | Business Planning, Closely Held Business, Tax News
The IRS explains that the excise tax is an indirect tax on specific goods, services and activities. The federal government typically imposes an excise tax on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires,...
Mar 7, 2023 | Business Planning, Closely Held Business, Tax News
Projected business formations (within four quarters) for December 2022, adjusted for seasonal variation, were 30,292, according to a Census Bureau release. That is, the Census Bureau is projecting that 30,292 new business startups with payroll tax liabilities will...
Mar 2, 2023 | Business Planning, Closely Held Business, Tax News
The type of business will determine the type of taxes that will be required to be remitted. Income Taxes You know this tax — it gives the government a share of your net income. Generally, all businesses must file an annual income tax return. The forms that the...
Feb 23, 2023 | Business Planning, Closely Held Business, Tax News
You need time and energy to run and grow your business, so you’ve outsourced your payroll process. You decided to go with a third-party payroll provider to handle some or all of your employment tax duties. This move lightens your workload, assuming that your...
Jan 17, 2023 | Business Planning, Closely Held Business, Personal Financial Planning, Tax News
The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. In a statement issued on Dec. 29, the IRS said that beginning on January 1, 2023, the...
