The IRS has announced the special “per diem” rates that became effective Oct. 1, 2021. Here are the basics of these rates.
M&A transactions: Be careful when reporting to the IRS
Have you bought or sold business assets in an M&A deal in 2021 or are in the process of a transaction? If so, you must report the details to the IRS. The tax agency may then compare what both parties report to ensure they match.
EIDL program retooled for still-struggling small businesses
Many small businesses are still feeling the pressure of the pandemic. If yours needs a loan, check out the SBA’s newly enhanced COVID-related EIDL program.
Tax depreciation rules for business automobiles
Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rules.
Selling a home: Will you owe tax on the profit?
If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Here are the basic rules.
Planning for year-end gifts with the gift tax annual exclusion
There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.
Large cash transactions with your business must be reported to the IRS
Certain types of businesses receive large payments of cash. They may be required to report the transactions to the IRS. Here are the rules.
IRS issues ERC guidance as Congress mulls early termination
Fresh IRS guidance is available for employers claiming the Employee Retention Credit in the third and fourth quarters of 2021.
SBA streamlines forgiveness for smaller PPP loans
The SBA has eased the process of forgiving a PPP loan. Here’s how.
Is an LLC the right choice for your small business?
There are several options for operating your small business. For example, a sole proprietorship, an S corporation or a partnership. Take a look at why a limited liability company (LLC) might be right for you.
