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Does your team know the profitability game plan?
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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...

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25 Sep 2019
5 ways to withdraw cash from your corporation while avoiding dividend treatment
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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,...

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18 Sep 2019
Our New Partner, Michael Landers
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Our New Partner, Michael Landers

abip CPAs & Advisors is proud to announce Michael Landers has been named Partner. Michael will provide audit as well as transaction and technical advisory services. Michael graduated from the University of Houston with a Bachelor of Science in Accounting. He is a CPA with over 20 years’ experience. He focuses strongly on delivering client service and leading business development activities. Michael is a proactive,...

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

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09 Sep 2019
The key to retirement security is picking the right plan for your business
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The key to retirement security is picking the right plan for your business

If you’re a small business owner, you may want to set up a retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages, including 401(k)s, Simplified Employee Pension (SEP) plans and SIMPLE IRAs. For 2019, the maximum amount you can contribute to a 401(k) and exclude from income is $19,000, plus a $6,000 “catch-up” amount for those age 50...

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04 Sep 2019
The tax implications of a company car
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The tax implications of a company car

The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) For tax deduction purposes, a business will treat the car much the same way it would...

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28 Aug 2019
Should you elect S corporation status?
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Should you elect S corporation status?

Operating a business as an S corporation may provide advantages, including limited liability and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes. But not all businesses are eligible and, with tax law changes, S corps may not be as appealing as they once were. Double taxation may be...

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21 Aug 2019
What to do if your business receives a “no-match” letter
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What to do if your business receives a “no-match” letter

In recent months, many businesses and employers have received “no-match” letters from the Social Security Administration (SSA). These letters alert employers if employees’ names and Social Security numbers (SSNs) don’t match the data reported on W-2 forms, which are given to employees and filed with the IRS. If you receive a no-match letter, check to see if your information matches the name and SSN on...

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14 Aug 2019
The IRS is targeting business transactions in bitcoin and other virtual currencies
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The IRS is targeting business transactions in bitcoin and other virtual currencies

More businesses are accepting bitcoin and other virtual currency payments, and the IRS is taking notice. The agency just announced it is sending letters to taxpayers who potentially failed to report income and pay tax on virtual currency transactions or didn’t report them properly. The letters urge taxpayers to review their tax filings and, if appropriate, amend past returns to pay back taxes, interest and...

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07 Aug 2019
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