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How A Manufacturer Can Save Tax $ On International Sales
Does your manufacturing company have at least $1 million of sales outside of the U.S.? Whether tax rates increase through legislation or remain the same, you may want to consider creating a new entity to save U.S. tax dollars on your international sales.
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Can I Have Some SALT With That?
Most of us know that Congress limited the state and local tax deduction (SALT) to $10,000 starting in 2018. The current Build Back Better proposal reinstates a larger SALT limitation at the $80,000 level retroactive to January 1, 2021.
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Can a Business Deduct Part of Its Building for Tax Purposes?
Commercial buildings and their components are usually depreciated over a 39-year life for tax purposes. However, through the use of a Cost Segregation Study, a business can reclassify many of the components of its building as personal property with a much shorter tax life that qualifies for an immediate bonus depreciation deduction.
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New Schedules K-2 and K-3 coming for the 2021 Tax Year
In an effort to replace, supplement and clarify the current foreign reporting structure and to increase taxpayer compliance with the international tax provisions of the Internal Revenue Code, the IRS has introduced Schedules K-2, Distributive Share Items – International, and K-3, Share of Income, Deductions, Credits, etc. – International, for partnerships and S corporations for 2021.
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New Direction for Potential Tax Legislation?
After a week of backdoor negotiations between President Biden and key Democrat holdouts Senators Joe Manchin and Kyrsten Sinema, the White House and progressive Democrats appear prepared to compromise on some significant priorities in order to cobble together a social spending package that can pass Congress.
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Personal Financial Readiness
Personal financial readiness is critical for a business owner who is considering transitioning out of his or her business. Whether you are planning to sell your business or transition it to the next generation or just thinking about cutting back your involvement some, it is critical to develop a plan for the change.
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A Reverse Sales Tax Audit May Generate Big Refunds
The best time to consider a reverse sales tax audit is now. You may have just been notified that your company is being audited by one or more states for sales tax. Or you may just be concerned that you are paying too much in sales tax.
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A Fresh Look at Your Organization Can Turn Challenge Into Opportunities
Are you confident that you’re heading toward lasting and positive change? Take a step back and review your strategic plans, people needs, and technology infrastructure.
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Determining Your Personal Readiness
The biggest reason business transitions fail is that the owners are not personally ready. It’s never too early to start building excitement for your next chapter, the 3rd Act.
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Expect More from Your Annual Audit
Your auditor can be a valuable resource — sometimes you just have to ask. The audit process can be tailored to match your company’s needs and provide valuable insights to your leadership team.