A Quick Comparison Of Tax Reform Changes
Tax reform means some pretty significant changes for taxpayers in 2018. Want to know what’s new? Here’s what you need to know – with charts!
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IRS Issues Proposed Section 199A Regulations
When Congress tackled tax reform last year, the tax treatment of businesses was front and center. The new tax law permanently lowered the tax rate for corporations to 21% while rates typically remained higher for individual taxpayers (you can see the new individual tax rates here). That scheme would have been problematic for sole proprietors and…
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Employees Or Independent Contractors? Categorizing Workers Properly
(This post is part of my Small Business Startup & Survival Guide. You can catch up on the whole series here.) When you’re a small business, you might not have the resources (nor the need) for a full time staff. You might opt to have one or two employees who work part-time, one or two who…
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Small Business Startup And Survival Guide
In 1938, Bill Hewlett and Dave Packard began working part-time in a Palo Alto garage. With $538 just in working capital, the pair developed an audio oscillator: it would become the first product for the fledgling Hewlett-Packard partnership. Today, Hewlett-Packard sits at #35 on Forbes’ list of most valuable brands, with an estimated worth of…
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10 Expired Tax Provisions That Might Affect You In 2014
Will tax extenders finally be addressed in 2014? About 55 provisions were not renewed after they expired in 2013. With Congress back in session, the IRS gearing up for tax season and tax professionals unsure of how to advise taxpayers, the clock is ticking.
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Baucus & Camp Talk Reform As Tax Road Show Rolls On
Senate Finance Committee Chairman Max Baucus (D-MT) and House Ways and Means Committee Chairman Dave Camp (R-MI) made a stop in Philadelphia as part of their bipartisan roadshow for tax reform. Small business owners talked tax and business – and no surprise, simplification and certainty topped their wish list.
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Some Small Businesses Take A Hit From Sequestration
March 1 came and went and the world was still standing. Sequestration made a big splash at the end of February. Taxpayers were worried… How would it affect Tax Day? Would refunds be slowed down? Would the lights stay on in Congress? But as March kicked off, tax season was (finally!) in full swing and…
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Raising Money From The (Corporate) Dead
Last week, my firm received mail from Internal Revenue Service (IRS) advising that their records showed that no payroll tax returns had been filed on behalf of a certain corporate client which I recognized as now defunct. The company never had employees and now, clearly, it never will. The next day, I received a similar…
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More Small Business Owners Sound Off On Economy, Buffett Rule & Taxes
Earlier this month, I asked small business owners to chime in on tax and economic policy. My panel of small business owners represented different industries and varying locations. Each had employees (ranging from 3 to 100) and their companies grossed at least $250,000 last year. The feedback from the piece was generally favorable. But readers…
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Small Business Owners Weigh In On Tax Cuts, The Buffett Rule & The Election
When it comes to tax, everyone has an opinion about what’s best for small businesses. President Obama has told us what small businesses want. Presidential hopeful Mitt Romney has told us what small businesses want. Congress has told us what small businesses want. But small businesses haven’t really told us what they want. I suspect…