If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.
Marty Williams, CPA
Recent Posts
Staying Ahead of Potential Changes to Capital Gains Taxes
Posted by Marty Williams, CPA on Aug 17, 2021
The greatest wealth transfer in U.S. history is underway. Americans age 70 and older hold an estimated $35 trillion, according to Federal Reserve data.[1] This means that over the next several decades, millions of Americans will be contemplating how to distribute their life savings to heirs, charities, and other beneficiaries. To make matters even more interesting, wealthy Americans also face the potential for a once-in-a-generation increased tax liability. The Biden Administration has proposed increasing taxes on wealthy Americans to raise revenue for various spending initiatives.
Posted in Retirement & Wealth Management Planning
The U.S. Department of the Treasury has made available $350 Billion to state and local governments to cover the costs incurred as a result of recovery efforts related to the COVID-19 pandemic.
Posted in Business Advisory
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay.
Posted in Business Tax
Early Priorities for the Biden Administration: Areas to Watch
Posted by Marty Williams, CPA on May 19, 2021
Posted in Business Advisory
Simple Retirement Savings Options for Your Small Business.
Posted by Marty Williams, CPA on Apr 23, 2021
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).
Posted in Business Advisory
"Free" COBRA Group Health Care for up to six months for involuntarily terminated (or reduced hours) employees.
The American Rescue Plan Act of 2021 (ARP), enacted on March 11, 2021, creates a requirement that employers treat the total payment for Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation coverage due from certain eligible individuals as being "paid in full" for April 1 through September 30, 2021 (Subsidy Period). The eligible individuals with COBRA coverage will not receive the subsidy directly from the government; rather, they will have a premium holiday. The employer pays 100% of the applicable COBRA premium. The employer will be reimbursed in full through refundable payroll tax credits.
Posted in Business Advisory
Should My Distressed Company Consider a Debt Restructuring?
Posted by Marty Williams, CPA on Feb 19, 2021
Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans.
Posted in Business Advisory
Moving Forward: New Tax Business Strategies to Reimagine the Future
Posted by Marty Williams, CPA on Nov 06, 2020
The Recover stage represents a return to the new normal—in this phase, demand for goods and services continues to rise to pre-pandemic-recession levels. The wisest companies won’t spend this time resting on their laurels but will instead use it to reimagine their futures in a world forever changed.
Posted in Business Advisory
IRS Delivers Temporary Midyear Relief to 401(K) and 403(B) Safe Harbor Plans
Posted by Marty Williams, CPA on Aug 10, 2020
Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS).
Posted in Business Advisory