Company News
Bartering is a taxable transaction even if no cash is exchanged
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade ...
Maximize the QBI deduction before it’s gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the de…
Tax-wise ways to take cash from your corporation while avoiding dividend treatment
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it…
Taking your spouse on a business trip? Can you write off the costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from R…
What’s the best accounting method route for business tax purposes?
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provide…
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…