Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses.
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
Posted in Business Tax
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 actually compensation, distributions or contributions to equity?
Posted in Business Tax
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 your employees, it’s critical to comply with IRS rules.
Posted in Business Tax
On April 19, 2017, the Internal Revenue Service issued Revenue Procedure 2017-30 to update the list of automatic changes in methods of accounting to which the automatic change procedures under Rev. Proc. 2015-13 applies. In addition to adding three new automatic accounting method changes, the Rev. Proc. modifies existing automatic method changes, removes certain obsolete method changes, and provides limited transition rules.
Posted in Business Tax
As the Trump administration and the House Republicans put the finishing touches on their tax package, one component remains front and center—the border adjustment, a proposal to change the ways goods and service are taxed depending on where they are manufactured and where they are consumed. Let’s take a closer look at what is being proposed and what effect it might have on U.S. companies.
Posted in Business Tax
Now that the dust of a contentious presidential election cycle is settling, tax reform may be more likely in 2017 than in past years.
Posted in Business Tax
Reap tax rewards for travel and entertainment
What are your plans for the summer? If you have a business trip scheduled for a place you would like to visit personally, you might decide to combine a little pleasure with your business. Similarly, you may invite some of your best clients to your home for a Memorial Day or Fourth of July barbecue or treat them to a night out on the town.
Posted in Business Tax
If your business utilizes foreign employees (aka, aliens), it is critical that you correctly comply with IRS regulations concerning payments to foreign workers. Understanding and complying with these regulations is crucial. Still, businesses of nearly every size and scope seem to struggle with correctly reporting these kinds of wages.
Posted in Business Tax
Machen McChesney offers several industry-specific knowledge and expertise. One of these industries is the Manufacturing, Distribution & Automotive sector. Machen McChesney has the skill set to provide guidance to help your business reduce labor and production cost, help optimize inventory management systems and controls, and the ability to ensure you are paying the correct sales and use tax rates.
Posted in Business Tax
