Author Archives: ABIP



ABIP

Small businesses: Stay clear of a severe payroll tax penalty
in News

Small businesses: Stay clear of a severe payroll tax penalty

Managing payroll is a laborious task for small businesses. But it’s critical to withhold the right amount of taxes from employees and pay them over to the federal government on time. If you don’t, you could be hit with the Trust Fund Recovery Penalty, also known as the 100% penalty. It applies to the Social Security and income taxes required to be withheld by a...

Read More

0
06 Nov 2019
Thinking about converting from a C corporation to an S corporation?
in News

Thinking about converting from a C corporation to an S corporation?

The right entity choice can make a difference in the taxes you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some situations, there are potential tax problems you should assess before deciding to convert from C to S status. One of the issues to consider is last-in, first-out (LIFO) inventory. A C corporation that uses LIFO inventory...

Read More

0
30 Oct 2019
Accelerate depreciation deductions with a cost segregation study
in News

Accelerate depreciation deductions with a cost segregation study

Is your business depreciating over 30 years the entire cost of constructing the building that houses your operation? If so, consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits are now even greater than they were a few years ago due to enhancements to...

Read More

0
23 Oct 2019
Deciding whether a merger or acquisition is the right move
in News

Deciding whether a merger or acquisition is the right move

Merging with or acquiring another company is one of the best ways to grow rapidly. But you’ve got to weigh the potential advantages against the risks of such a move. An acquisition might enable your business to expand into new geographic areas or seize new customer segments. But it’s a costly process that can even spell doom for a company that overextends itself financially. To...

Read More

0
16 Oct 2019
Understanding and controlling the unemployment tax costs of your business
in News

Understanding and controlling the unemployment tax costs of your business

Employers must pay federal unemployment tax on amounts up to $7,000 paid to each employee as wages during the year. The tax rate is 6% but it can be reduced by a credit for contributions paid into state unemployment funds. Typically, the more claims made against a business, the higher the unemployment tax bill. But there may be ways to control costs. Don’t hire employees...

Read More

0
09 Oct 2019
The chances of an IRS audit are low, but business owners should be prepared
in News

The chances of an IRS audit are low, but business owners should be prepared

As a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. The IRS audited 0.6% of individuals in fiscal year 2018. Businesses and high-income people are more likely to be audited, but audit rates are historically low. However, some tax return items may raise red flags with the IRS, such as...

Read More

0
02 Oct 2019
Does your team know the profitability game plan?
in News

Does your team know the profitability game plan?

Right now, football teams are trying to put as many wins on the board as possible to make this a special season. Sports can highlight important lessons for business owners about profitability. One is that companies must learn from their mistakes and adjust their profitability game plans accordingly. Typical fumbles include poor customer service, ineffective pricing strategies and a broken-down supply chain. After identifying profit...

Read More

0
25 Sep 2019
5 ways to withdraw cash from your corporation while avoiding dividend treatment
in News

5 ways to withdraw cash from your corporation while avoiding dividend treatment

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution is taxable to you as a shareholder but it’s not deductible by the corporation. But there are several alternatives that may allow you to withdraw cash from a corporation and avoid dividend treatment. For example,...

Read More

0
18 Sep 2019
2019 Q4 tax calendar: Key deadlines for businesses and other employers
in News

2019 Q4 tax calendar: Key deadlines for businesses and other employers

Here are a few key tax-related deadlines for businesses and other employers during Quarter 4 of 2019. OCT. 15: If a calendar-year C corp. that filed an extension, file a 2018 income tax return. OCT. 31: Report income tax withholding and FICA taxes for Q3 2019 (unless eligible for Nov. 12 deadline). DEC. 16: If a calendar-year C corp., pay the fourth installment of 2019...

Read More

0
09 Sep 2019
Page 1 of 1312345...10...Last »