Choosing the right type of entity structure for your business can be a complicated process. Numerous factors go into making this decision. It is critical to understand the business structure options available to you, each option’s tax implications, and when each is most appropriate for your business.
It is that time of the year again to start planning for the end of the year. As the person responsible for your company’s financial management, there are many year-end tasks that you need to oversee.
Are you confident you are doing everything to minimize taxes for your transportation company? One of the best ways to reduce tax liability is to ensure you claim all tax credits available.
Accounting can be complicated and is a crucial component of a firm’s operations, regardless of its size. Many growing professional service firms struggle to create well-tuned accounting processes, especially as systems need to change to support increased activity.
The IRS issued Revenue Ruling 2020-27 on November 18th, formally denying the ability to deduct expenses related to PPP forgiveness. In the ruling, the IRS clarified the deduction for PPP expenditures is denied in the period the expenses were incurred (2020), even if the taxpayer waits until 2021 to apply for forgiveness.
Minnesota passed a bipartisan tax and bonding bill recently that included full conformity for all Section 179 expensing for tax years beginning in 2020. Additionally, the bill included retroactive Section 179 conformity to 2018 for assets acquired in a like-kind exchange.