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Businesses: Prepare for the lower 1099-K filing threshold

Businesses: Prepare for the lower 1099-K filing threshold

May 23, 2022 | Small Business Tax

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of...
Inflation enhances the 2023 amounts for Health Savings Accounts

Inflation enhances the 2023 amounts for Health Savings Accounts

May 13, 2022 | Small Business Tax

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created...
Businesses may receive notices about information returns that don’t match IRS records

Businesses may receive notices about information returns that don’t match IRS records

May 10, 2022 | Small Business Tax

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed...
The tax mechanics involved in the sale of trade or business property

The tax mechanics involved in the sale of trade or business property

Apr 28, 2022 | Small Business Tax

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable...
Tax considerations when adding a new partner at your business

Tax considerations when adding a new partner at your business

Apr 25, 2022 | Small Business Tax

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s...
Tax issues to assess when converting from a C corporation to an S corporation

Tax issues to assess when converting from a C corporation to an S corporation

Apr 14, 2022 | Small Business Tax

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before...
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Recent Posts

  • IRA charitable donations: An alternative to taxable required distributions
  • Businesses: Prepare for the lower 1099-K filing threshold
  • Forecasts vs. projections: What’s the big difference?
  • Inflation enhances the 2023 amounts for Health Savings Accounts
  • Management letters: Follow up on your auditor’s recommendations

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