Company News
Getting around the $25 deduction limit for business gifts
At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deductio…
Should your business use per diem rates for travel reimbursement?
Updated travel per diem rates go went effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away fro…
Work Opportunity Credit
Employers can qualify for a tax credit known as the work opportunity tax credit that is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 f…
Keep real estate separate from your business’s corporate assets to save tax
It’s common for a business to own not only typical business assets, such as equipment, inventory and furnishings, but also the building where the business operates — and possibly other real estat…
Hire your children to save taxes for your business and your family
It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to prov…
Dot the “i’s” and cross the “t’s” on loans between your business and its owners
It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or act…
Choosing the best way to reimburse employee travel expenses
If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. But to secure tax-advantaged treatment for your business and you…
Kansas Senate Bill 30
Click Here to view a PDF documenting Kansas Senate Bill 30 and the tax laws it affects. Governor Sam Brownback’s decision to veto Senate Bill 30 was overridden by the Senate and House of Repre…
Morrow & Co. LLC Comments on Exposure Draft
Click Here to see Frank Morrow and Rich Morrow’s comments on Ethics Interpretation 101-3 on the AICPA Website. Rich Morrow’s comments were also published in the Kansas Society of CPAR…