Business Taxes

  • IRS Issues Guidance on Cooperatives

    The Internal Revenue Service and the Treasury Department have issued their legal guidance on certain deductions to cooperatives and their patrons. The guidance was made necessary by changes to the tax code by the 2017 tax reform legislation called the Tax Cuts and Jobs Act (TCJA) and the Consolidated Appropriations Act of 2018. The proposed…

  • Make Estimated Tax Payments So Your Business Doesn’t Owe

    The Internal Revenue Service reminds small-business owners and self-employed taxpayers alike: avoid a surprise tax bill (and possibly a penalty) by making estimated tax payments during the tax year. The reminder comes as part of National Small Business Week, which recognizes the contributions of entrepreneurs and small business owners nationwide. Income Equals Tax By law,…

  • Dirty Dozen: Avoid Improper Claims for Business Credits

    The Internal Revenue Service is warning taxpayers and tax professionals against improperly claiming various business tax credits, which has become a common tax scam. That’s why the topic shows up on this year’s IRS “Dirty Dozen” list of common scams that can occur anytime during the year. When it comes to bogus credits on business…

  • What is the taxable income QBI threshold for 2018?

    There are two income thresholds for claiming QBI in tax year 2018: $157,500 for single taxpayers, heads of household, qualifying widows and widowers, or trusts and estates $315,000 for married couples filing jointly Return to Taxing Subjects frequently asked questions. Related FAQs: What is the Qualified Business Income Deduction? What types of business income qualify…

  • Audit Finds Business Identity Theft Controls Still Lacking

    A report from the Treasury Inspector General for Tax Administration (TIGTA) finds that despite measures by the Internal Revenue Service to flag possibly fraudulent business returns, a significant number of bogus returns are slipping through. The agency’s first warning came three years ago, when TIGTA recommended the IRS install filters on its computer systems to…

  • Is Your Hobby a Business? How the IRS Decides

    Millions of Americans engage in hobbies that may also be a source of income. And it’s that last word – income – that raises the attention of the Internal Revenue Service. Any hobby – from quilting to computer repair to cake baking – can fall under the IRS standards for a business if the right…

  • ACA Refresher for Employers: Affordable Coverage vs. Minimum Value Coverage

    Generally, employer provisions of the Affordable Care Act say that an Applicable Large Employer (or ALE) has to offer affordable minimum essential coverage that provides minimum value to full-time employees and their dependents, or potentially face a penalty payment to the Internal Revenue Service.

  • Business or Pleasure: Determining if Your Hobby is Considered a Trade

    What is a Trade or Business? Simply put, a trade or business must satisfy the need to make a profit.  If you don’t plan to make a profit, then this is not a business, it is a hobby.  The reason for opening a business is to provide a livelihood for you (and your family). If…

  • IRS Unveils Application Process for Certified Professional Employer Organization Program

    If your firm handles payroll administration as well as tax reporting for your business clients, you may be interested in becoming a Certified Professional Employer Organization (CPEO) through the Internal Revenue Service.

  • Health Care Tax Credit for Small Businesses

    The IRS recently released information pertaining to the Small Business Health Care Tax Credit, outlining the prerequisites for receiving the credit and which forms need to be filed.