Time to get serious about Form 1099-K.   Small business owners beware: the IRS may more closely scrutinize reporting of credit card transactions after it was criticized for lax enforcement.   The IRS’ overseer, the…

The Tax Cuts and Jobs Act of 2017 (TCJA) is the most sweeping piece of tax legislation in decades. Let’s Talk Tax Reform All businesses and individuals will be effected by the changes included in…

The Tax Cuts and Jobs Act of 2017 has made significant changes to the deductibility of meals, entertainment, and commuting benefits. These changes can be confusing and difficult to understand. It is important to consult…

One of the first decisions in starting a business is the selection of the form of the entity. Factors to consider include taxability issues, ownership flexibility, selection of year-end, fringe benefits, limitation of liability, accounting…

Small business owners face a continual headache dealing with government mandates for a jumble of federal, state and local taxes. Complying means endless paperwork, ongoing deadlines and ever-looming threats of audits and penalties. Skimping on…

Currently, leases are categorized as operating or capital leases.  Generally an operating lease impacts the income statement only, with an annual charge to rent or lease expense.  Typically, the rental of office or warehouse space…

Major Tax Deadlines for December 2017   December 15 – Due date for calendar-year corporations to pay the fourth installment of 2017 estimated income tax. December 31 – Deadline to complete 2017 tax-free gifts of…