The Research and Development (R&D) tax credit remains a vital component of U.S. tax policy, designed to promote innovation and technological advancement. This dollar-for-dollar federal tax credit, often supplemented by state benefits, supports companies engaging in qualified research activities. Businesses across many different industries can leverage this credit, making [...]
Picture this: It’s Friday, and your employees are eagerly awaiting their paychecks. You’re confident everything’s squared away—until a mistake surfaces. Maybe taxes were miscalculated, overtime wasn’t included, or worse, you missed a deadline. What starts as a seemingly small error can spiral into major issues with the IRS, state [...]
The death of a spouse is a profoundly challenging time, both emotionally and financially. Amidst the grieving process, surviving spouses must also navigate a complex array of tax issues. Understanding these tax implications is crucial to ensuring compliance and optimizing financial outcomes. This article explores the key tax considerations [...]
ALERT: Beneficial ownership reporting requirements (BOI) are back in effect, with a new deadline of March 21, 2025 for most companies. FinCEN Extends Beneficial Ownership Information Reporting Deadline The Financial Crimes Enforcement Network (FinCEN) has announced a 30-day extension for most businesses required to report their Beneficial Ownership Information [...]
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2025 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2025, the standard mileage rates for the use of [...]
In addition to your annual income tax filing requirements, mostly all states’ Secretary of State also impose an annual reporting obligation on their domestic and foreign business entities. The primary purpose of the annual report requirement is to provide the public, investors, the filing office, and other government agencies [...]
The deductibility of meal expenses for employers and business entities is a nuanced area of tax law that requires careful consideration of various rules and exceptions. This article explores the intricacies of meal expense deductions, focusing on when the 50% deductibility rule applies, exceptions to this rule, and strategies [...]
Individuals and small businesses should consider various ways of starting off on the right foot for the 2025 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service (IRS) Form W-4 and applies it to the IRS’s withholding tables [...]
By: David Natan In today’s business environment, companies may need to restructure for growth, flexibility, or tax efficiency. An F Reorganization, or "F Reorg," is a specialized tool under the U.S. tax code that enables certain types of business transformations to occur in a tax-efficient manner. Pre-transaction restructuring particularly [...]
Household employees play a crucial role in many homes, providing essential services such as childcare, eldercare, housekeeping, and gardening. However, employing household help comes with a set of responsibilities, particularly in terms of payroll, withholding, and tax reporting. This article delves into the intricacies of household employment, including the [...]
