Cash payments

Reporting Cash Payments to a Business of $10k+

A client recently asked us about reporting cash payments to a business of $10,000 or more. Understanding what is and isn’t considered “cash” as well as the process can be confusing, but the consequences for failing to file correctly and…
Workers Status
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File Form SS-8 to ask the IRS to determine a worker’s status

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To…
Section 1031 “like kind” exchange

Defer tax: Section 1031 exchange, new limits

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types…
Business Loan

Could your next business loan get “ratio’d”?

We live and work in an era of big data. Banks are active participants, keeping a keen eye on metrics that help them accurately estimate risk of default. Could your next business loan get “ratio’d”? As you look for a loan, try to find…
Home-related tax breaks

Home-tax breaks are valuable on 2017 returns vs. 2018

Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But…
business for sale

7 ways to prepare your business for sale

For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of…
charitable deductions

Size of charitable deductions depends on many factors

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of…
repairs to tangible property
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Tangible Property: Repairs vs. Improvements

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs…
Supercharged Supervisors

3 ways to supercharge your supervisors

The attitudes and behaviors of your people managers play a critical role in your company’s success. When your managers are putting forth their best effort, the more likely it is that you’ll, in turn, get the best performances out of the…
Competitors

Use benchmarking to swim with the big fish

You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath you. Being successful means not just being…