Tax Consulting & Compliance

How to Handle Business Deductions for Meal, Vehicle and Travel Expenses

Document and Segregate Meal and Entertainment Expenses Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A Critical Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel...

Qualified Business Income Deduction Limit

Qualified Business Income

Close-up on the New QBI Deduction’s Wage Limit The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations...

Business Owners – What Are Your Payroll Tax Obligations?

Payroll Tax

How to Avoid Getting Hit With Payroll Tax Penalties For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the...

The Sales Tax Impact of South Dakota Versus Wayfair, Inc. Decision

Does Your Business Have to Begin Collecting Sales Tax on All Out-of-State Online Sales? As we've written about previously, the recent U.S. Supreme Court decision now allows state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome...

What is the Best Entity Structure for Your Business Today?

Corporate structure

Choosing the Best Business Entity Structure Post-TCJA For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced...

Third Quarter 2018: Key Deadlines for Businesses

Third Quarter 2018

2018 Q3 Tax Calendar Here are some of the key tax-related deadlines affecting businesses and other employers for reporting second and/or third quarter filings of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at 401-331-0500 to...

States Can Now Require Internet Retailers to Collect Sales Taxes

On-line Sales Tax

Ruling by the Supreme Court now allows states to collect sales tax from internet retailers regardless of their physical presence in that state. If you are an on-line seller, this is a ruling that will affect your business. There has been much anticipation to learn the final decision...

401(k) Plan Changes You Need to Know About

401k Changes

Two tax law changes that may affect your business's 401(k) plan. When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination...