Providing a company car? Here’s how taxes are handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax...
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ConnollySteele
Dec 6, 20213 min read
The tax implications of owning a corporate aircraft
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there...
ConnollySteele
Nov 30, 20213 min read
Small businesses: There still may be time to cut your 2021 taxes
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to...
ConnollySteele
Nov 23, 20212 min read
Infrastructure law sunsets Employee Retention Credit early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has...
ConnollySteele
Nov 15, 20212 min read
Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its...
ConnollySteele
Oct 11, 20211 min read
2021 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind...
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Sep 23, 20213 min read
Tax depreciation rules for business automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are...
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Sep 15, 20213 min read
Tax breaks to consider during National Small Business Week
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week,...
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Sep 15, 20212 min read
Claiming a theft loss deduction if your business is the victim of embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it...
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Sep 1, 20212 min read
Want to find out what IRS auditors know about your business industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the...
ConnollySteele
Aug 19, 20210 min read
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Aug 17, 20212 min read
Possible tax consequences of guaranteeing a loan to your corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or...
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Aug 10, 20212 min read
Large cash transactions with your business must be reported to the IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What...
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Aug 3, 20212 min read
Is an LLC the right choice for your small business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your...
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Aug 1, 20212 min read
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind...
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