Company News

Fiscal year corporations to pay “blended” income tax rates

The IRS released Notice 2018-38 on April 16, 2018 regarding application of changes to corporateincome tax rates for fiscal year corporations with years beginning before January 1, 2018 butending afte…

Should you file Form SS-8 to ask the IRS to determine a worker’s status?

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly…

Defer tax with a Section 1031 exchange, but new limits apply this year

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the T…

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in you…

Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now ma…

Bipartisan Budget Act of 2018

On Friday, February 9, 2018, congress reached a stunning budget deal, which was signed by the president, that is sure to be a welcome surprise to many taxpayers this year. In the Bipartisan Budget A…

Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), s…

Meals, entertainment and transportation may cost businesses more under the TCJA

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two…

Your 2017 tax return may be your last chance to take the “manufacturers’ deduction”

While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 d…

New tax law gives pass-through businesses a valuable deduction

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t th…

TCJA Temporarily Expands Bonus Depreciation

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisi…

Congress Passes Biggest Tax Bill Since 1986

On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. President Trump signed i…

Getting around the $25 deduction limit for business gifts

At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deductio…

Should your business use per diem rates for travel reimbursement?

Updated travel per diem rates go went effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away fro…

Work Opportunity Credit

Employers can qualify for a tax credit known as the work opportunity tax credit that is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 f…

Keep real estate separate from your business’s corporate assets to save tax

It’s common for a business to own not only typical business assets, such as equipment, inventory and furnishings, but also the building where the business operates — and possibly other real estat…

Hire your children to save taxes for your business and your family

It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to prov…

Dot the “i’s” and cross the “t’s” on loans between your business and its owners

It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or act…

Choosing the best way to reimburse employee travel expenses

If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. But to secure tax-advantaged treatment for your business and you…

Kansas Senate Bill 30

Click Here to view a PDF documenting Kansas Senate Bill 30 and the tax laws it affects. Governor Sam Brownback’s decision to veto Senate Bill 30 was overridden by the Senate and House of Repre…