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Resources

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

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Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively eliminated home office deductions for employees through 2025. Fortunately, many self-employed individuals can still claim deductions — even if they don’t itemize deductions on their tax returns.

Are you thinking about buying a business? How you structure the deal will affect the taxes owed by the buyer (you) and the seller (the other party). The Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the federal income tax rules for businesses, including some changes that affect the taxation of mergers and acquisitions. Here’s why many buyers are choosing to buy the assets of the target business, rather than its ownership interests, under current law — and why you may need to act fast to take advantage of breaks offered by the TCJA.

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There may still be opportunities to reduce your company’s 2019 tax bill. If your business uses an accrual-based accounting system, there may still be opportunities to reduce your tax bill before the end of the year. Please check out our 5 tips to help trim your 2019 taxes.

Frequently, investors engage in securities transactions at year-end to improve their tax situation. This requires a basic understanding of the current tax rules for capital gains and losses. We want to review some of the important tax changes in the Tax Cuts and Jobs Act (TCJA) and how it affects investors and estate/gift planning with you.

The impact of the Tax Cuts and Jobs Act (TCJA) on businesses was just as significant as it was for individuals. For starters, the TCJA imposed a flat 21% tax rate on corporations, doubled the maximum Section 179 “expensing” allowance, limited business interest deductions and repealed write-offs for entertainment expenses. In addition, the TCJA made extensive changes affecting international taxpayers that could play an important role in any year-end planning decisions.

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Year-end tax planning in 2019 remains as complicated as ever. Notably, many are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and determining the most favorable strategies. Among other key changes for individuals, the TCJA reduced tax rates, suspended personal exemptions, increased the standard deduction and revamped the rules for itemized deductions. Generally, the provisions affecting individuals went into effect in 2018, but are scheduled to “sunset” after 2025. This provides a limited window of opportunity in some cases.

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Financial transactions, including charitable donations, are increasingly being conducted online. For nonprofits without the appropriate IT infrastructure and security policies, this means greater cybercrime risk. This article discusses several hacking schemes and how nonprofits can protect against them, even with a limited budget.

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We have a few updates for nonprofit organizations, including reports on study findings that suggest that transparency results in more contributions, and looks at a pilot program aimed at bringing donors and investors together to fund not-for-profits. Also covered are surprising study findings on board diversity among nonprofits and Facebook’s fundraising effectiveness.

It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS.