2023 Mileage Rates Established By The IRS
The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. In a statement
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Review Your Tax Situation Before Filing Season
Tax law is never simple. But you can prepare for the April 15 deadline by reviewing the past year and seeing what’s coming. And the first thing to know, is
Intangible Assets: What Are They & How To Capitalize Them
Intangible assets have a complex tax treatment. As more businesses acquire these assets, it’s important to understand why they’re complicated. What Makes Intangibles So Complicated?IRS regulations require the capitalization of
Have You Completed The Needed Tax Requirements If Your Business Is Closing?
Businesses close their doors for many reasons, some of which may include: An owner retirement A lease expiration Staffing shortages Partner conflicts Increased supply costs Even in the midst of
The Standard Business Mileage Rate Is Increasing In 2022
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by
Disasters & Your Taxes: What You Need to Know
Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes, and other severe storms to the wildfires again raging in the West, natural disasters
Opening a New Location Calls for Careful Planning
The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have
Getting A Divorce? Be Aware of Tax Implications if You Are a Business Owner.
If you are a business owner and you are getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in
Be Prepared: IRS Audits May Be Increasing
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. Even though a small percentage of
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here is