Company News

9 tax considerations if you’re starting a business as a sole proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are n…

Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. ...

Does your business have employees who get tips? You may qualify for a tax credit

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes th…

Tax-favored Qualified Small Business Corporation status could help you thrive

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporation…

We’ve Moved!

h2. Note our new address! 10500 E Berkeley Square Parkway, Suite 205Wichita, KS 67206 We are now in the Waterfront area on 13th between Webb and Greenwich. We are loving our new space and we are lo…

The standard business mileage rate will be going up slightly in 2024

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the ce…

How IRS auditors learn about your business industry

Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit T…

Defer a current tax bill with a like-kind exchange

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. Wit…

The Corporate Transparency Act and Beneficial Ownership Information Reporting

On January 1, 2024, a new reporting requirement goes into effect requiring millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’...

4 Ways Corporate Business Owners Can Help Ensure Their Compensation Is “Reasonable”

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can de…

A Tax-Smart Way to Develop and Sell Appreciated Land

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bi…

ERC Fraud – IRC halts ERC Processing

According to Michael Cohn in Accounting Today – The IRS said Thursday that it’s putting an immediate stop to processing of new claims for the Employee Retention Credit (ERC) after receivi…

Travelling for Business? Here’s What You Can Deduct

If you and your employees are traveling for business, there are a number of considerations to keep in mind! Qualification Under tax law, in order to claim deductions, you must meet certain requiremen…

Planning Ahead for 2024 – Should Your 401(k) Help Employees with Emergencies?

The SECURE 2.0 law contains a provision that will soon allow eligible employers to provide more help to employees facing emergencies. This will be done though pension-linked emergency savings account…

Update on Depreciating Business Assets

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2…

Computer software costs: How does your business deduct them?

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases softw…

2023 limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account…

Inflation means you and your employees can save more for retirement in 2023

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the doll…

Employers: In 2023, the Social Security wage base is going up

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment in…

Providing fringe benefits to employees with no tax strings attached

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of…