FEDERAL COURT ENJOINS ENFORCEMENT OF THE CORPORATE TRANSPARENCY ACT “CTA” AND BENEFICIAL OWNER INFORMATION REPORT DEADLINE
Here is an update on the pending Beneficial Owner Information “BOI” reporting requirements. On December 3rd, United States District Court for the Eastern District of Texas issued a nationwide preliminary injunction in favor of the plaintiffs, Texas Top Cop Shop, Inc., et al. v. Garland, et al, which states that reporting companies need not comply with […]
FEDERAL COURT ENJOINS ENFORCEMENT OF THE CORPORATE TRANSPARENCY ACT AND BENEFICIAL OWNER INFORMATION REPORT DEADLINE
Published December 5, 2024 On December 3rd, United States District Court for the Eastern District of Texas issued a nationwide preliminary injunction in favor of the plaintiffs, Texas Top Cop Shop, Inc., et al. v. Garland, et al, which states that reporting companies need not comply with the CTA’s January 1, 2025 Beneficial Owner Information […]
When do valuable gifts to charity require an appraisal?
If you donate valuable items to charity and you itemize deductions on your tax return, you may be required to get an appraisal. The IRS requires donors and charities to supply certain information to prove their right to deduct contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain requirements apply. You must: get a qualified appraisal; receive the qualified appraisal before your tax return is due; attach an appraisal summary to the first tax return on which the deduction is claimed; include other information with the return; and maintain certain records. Other rules apply to larger gifts and there are exceptions. Questions? Contact us.
2024 Q2 tax calendar: Key deadlines for businesses and employers
Here are some key tax deadlines for businesses during the second quarter of 2024. APRIL 15: Calendar-year corporations file 2023 income tax returns (Form 1120) or file for a six-month extension (Form 7004) and pay any tax due. APRIL 15: Corporations pay the first installment of 2024 estimated income taxes. APRIL 30: Employers report income tax withholding and FICA taxes for the first quarter of 2024 (Form 941) and pay any tax due. MAY 15: Employers deposit Social Security, Medicare and withheld income taxes for April if the monthly deposit rule applies. JUNE 17: Corporations pay the second installment of 2024 estimated income taxes. Contact us to learn more about filing requirements.
Small businesses can help employees save for retirement, too
Many small business owners believe they can’t afford to sponsor a qualified retirement plan for employees. If this is the case for your company, be aware that there are some relatively inexpensive, simple options worth considering. For example, you could create SEP IRAs for participants. Only the business can make contributions, but you’re free to do so as cash flow allows. And SEP IRAs enjoy a higher contribution limit than 401(k)s. Or you could offer employees SIMPLE IRAs. These allow both the business and participants to make contributions up to a higher limit than participants could with a self-owned IRA. Plus, your contributions are tax-deductible. Contact us for more info.
There still may be time to reduce your small business 2023 tax bill
In the midst of the holiday whirlwind, don’t forget to take steps to cut the 2023 tax liability for your business. There’s still time to implement a few strategies. For example, you can charge expenses normally paid early in the year on your credit card before Jan. 1. That way, you can claim the deduction for 2023 even though you don’t pay the bill until 2024. Are you thinking about purchasing heavy vehicles, equipment, machinery or office equipment early in the new year? Buy them now and place them in service by Dec. 31, and you can deduct 80% of the cost as bonus depreciation. Or take advantage of the Section 179 first-year depreciation deduction, if eligible. Questions? Contact us.
Tips for Creating Better Machine Shop Workflow
These five design factors will help manufacturing operations achieve a more efficient, effective, and sustainable process flow – and promote opportunities for growing the business. Originally posted in American Machinist. Read the full article here! Manufacturing businesses like machine shops, and the supply chains that serve them, have multiple moving parts that can be […]
Unusual Delivery Service Mailing Scam
The IRS and the Security Summit warned taxpayers to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing which comes in a cardboard envelope from a delivery service. The enclosed letter includes the IRS masthead and wording […]
Michigan Sales Tax: Change in Taxability of Delivery & Installation Charges
If you are doing business in Michigan and either charging to your customers/patients/clients Michigan Sales Tax or paying Use Tax for purchases in the State of Michigan, this article explains a change that the State of Michigan Treasury views the taxability of delivery and installation charges. Effective April 26, 2023 delivery and installation charges are […]
Beware of Scammers
The IRS urges taxpayers and tax professionals to remain vigilant in the face of emails and text scams aimed at tricking people about refunds or tax issues in the second of the 2023 Dirty Dozen tax scams. These messages arrive in the form of unsolicited texts or emails which try to lure unsuspecting victims into […]
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