M&A transactions: Avoid surprises from the IRS
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS Business Tax
Business Tax
Bartering: A taxable transaction even if your business exchanges no cash
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value Business Tax
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 income tax rate for C corporations. Under prior Business Tax, Tax Cuts and Jobs Act
Changes in Illinois Sales and Use Tax Law Could Benefit Manufacturers
Illinois Governor J.B. Pritzker recently signed new legislation that may benefit your manufacturing business. Illinois Senate Bill 689 expands the exemption from sales and use tax for manufacturing and assembling machinery and equipment to include production related tangible personal property purchased on or after July 1, 2019. “Production related tangible Business Tax
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 that this list isn’t all-inclusive, so there may be Business Tax
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 Tax Credit (WOTC). This includes youth whom you bring Business Tax
Employers: Be aware (or beware) of a harsh payroll tax penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters Business Tax
Tax-smart domestic travel: Combining business with pleasure
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a Business Tax, Tax Cuts and Jobs Act
Hire your children this summer: Everyone wins
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for Business Tax
Consider a Roth 401(k) plan — and make sure employees use it
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) Business Tax, Retirement Plans