The Work Opportunity Tax credit was set to expire on Dec. 31, 2020. But a law passed late last year extends it through Dec. 31, 2025. Here’s how employers can benefit if they’re hiring.
Many tax amounts affecting businesses have increased for 2021
How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.
PPP loans have reopened: Let’s review the tax consequences
Businesses that have been hit hard by the COVID-19 may be able to obtain help with PPP loans. Here are the basic rules, as well as the tax implications.
New law doubles business meal deductions and makes favorable PPP loan changes
Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.
The right entity choice: Should you convert from a C to an S corporation?
Are you reconsidering the choice of entity for your business? These are several factors to consider when converting from a C corporation to an S corporation. Here are four of them.
2021 Q1 tax calendar: Key deadlines for businesses and other employers
Businesses face a variety of tax-related deadlines in the first quarter of 2021. Here are some of them.
The QBI deduction basics and a year-end tax tip that might help you qualify
Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.
The importance of S corporation basis and distribution elections
Do you operate your business as an S corporation? Be aware that several elections are available to an S corp. or its shareholders that can affect the basis adjustments caused by distributions and other events.
Do you want to withdraw cash from your closely held corporation at a low tax cost?
Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.