2017 Tax Cut Act: Pass-Through Income

The new tax law is certainly complicated. Most of the questions we have received are regarding the effect on Pass-Through Entities. In order to give you the best and most complete explanations, we scour our resources of industry-specific software, respected colleagues, and professional associations. The following is a drilled down understanding of Section 199a (Pass-Through Income) of the new Tax Law. We’ll start with … Read More

Form 1099 – Information

To start with the basics, corporations, small businesses, and other employers in the United States rely on tax forms to record the income their employees earn throughout the year. The form 1099 is the Internal Revenue Service’s form used specifically for non-salaried employees such as freelancers, consultants, and other independent contractors to report any earnings that are not salaried income. … Read More

Trump Tax Plan

The Tax Cut and Job Act (Trump’s Tax Plan) was approved and officially signed into law. How will this affect your business? How will this affect your personal tax situation? Since this is the most substantial tax reform since 1986, we strongly recommend tax planning to ensure you are prepared for 2018.  The degree of change that impacts business tax … Read More

Small Business Year End Reminders

Small Business Year End Reminders As we say farewell to 2017, we hope you’ve had a good year and look forward to a successful 2018. Take note of some important year-end information below: Tax Deadlines December 31 – For Cash Basis taxpayers Year End bonuses to corporate owners must be paid to be deductible; simply accruing them is not acceptable. … Read More

You’re a business owner with lots of back taxes – Now what?

The stress of owing the IRS money can be crippling. The IRS can place a lien on your property or even levy your bank account. For whatever reason, you’ve gotten into a tough situation but how do get out? Here are a few options the IRS offers to help. 1. Offer in Compromise (OIC): With an OIC, you offer the … Read More