Get Your Piece of the Depreciation Pie Now with a Cost Segregation Study
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions [...]
Vacation Home: How Is Your Tax Bill Affected If You Rent It Out?
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on [...]
New Per Diem Business Travel Rates Became Effective on October 1
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to [...]
California Tax Updates for 10/6
Update 1: Recent legislation in California helps warehouse employees. The legislation prevents warehouse employers from terminating workers for failing to meet quotas that interfere with rest breaks, effective Jan. 1, 2021. Specific employers must give [...]
2021 Q4 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 fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply [...]
California Tax Updates for 9/29
Update 1: A lucrative new business tax credit may help California’s small businesses hit hard by economic disruption in 2020 and 2021. Governor Gavin Newsom has signed the Main Street Small Business Tax Credit II [...]
The Tax Score of Winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough [...]
M&A Transactions: Be Careful When Reporting to the IRS
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to [...]
EIDL Program Retooled for Still-Struggling Small Businesses
For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, [...]
California Tax Updates for 9/23
Update 1: All California taxpayers who have an active Power of Attorney (POA) will soon be getting a letter from the state Franchise Tax Board (FTB). The letter provides a list of the taxpayer’s active [...]