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A New IRS Tool for Charitable Giving

  • 4 December 2018
  • Author: Alexander Carr
  • Number of views: 30
  • 0 Comments
A New IRS Tool for Charitable Giving

It’s the season for giving, and the IRS has made it easier to find charitable opportunities that provide tax advantages, too. Its new Tax Exempt Organization Search (TEOS) replaces EO Select Check and offers advanced features like images of newly filed 990 forms and mobile-friendly searching.

Serving Meals with Entertainment? Don’t Forget This Tax Detail

  • 27 November 2018
  • Author: Alexander Carr
  • Number of views: 105
  • 0 Comments
Serving Meals with Entertainment? Don’t Forget This Tax Detail

The recently enacted Tax Cuts and Jobs Act (TCJA) included a significant change for those deducting meals and entertainment from their business taxes. As of 2018, there is no longer a deduction for activities considered entertainment, amusement, or recreation, unless the event is for team building or similar purposes and is attended on a non-discriminatory basis. Business meals, on the other hand, are 50% deductible. But what about events in which both meals and nondeductible entertainment are served? The IRS is finally offering some guidance.

Section 179 or Bonus Depreciation?

  • 13 November 2018
  • Author: Alexander Carr
  • Number of views: 117
  • 0 Comments
Section 179 or Bonus Depreciation?
Bonus depreciation rules now allow for 100% write-offs and are expanded to include big-ticket items like the purchase of used equipment. So is there any reason to expense these purchases as part of Section 179 deductions instead?

Small Businesses: Avoid Tax-Return Fraud This Year

  • 6 November 2018
  • Author: Alexander Carr
  • Number of views: 129
  • 0 Comments
Small Businesses: Avoid Tax-Return Fraud This Year

The IRS has seen an increase in corporate and small business tax-return fraud. From stolen employer identification numbers (EINs) to fake Schedule K-1s for S corporations, it’s important to be on the lookout for signs your business has been compromised.

5 “Taxing” Halloween Stories

  • 24 October 2018
  • Author: Alexander Carr
  • Number of views: 251
  • 0 Comments
5 “Taxing” Halloween Stories

While taxes are scary enough, we thought it would be fun to share some Halloween-related tax tales. Gather ‘round and be glad you’re not in the same situation as these poor souls: 

So Long, Cupcake: Goods & Services Young Adults Aren’t Buying

  • 16 October 2018
  • Author: Alexander Carr
  • Number of views: 240
  • 0 Comments
So Long, Cupcake: Goods & Services Young Adults Aren’t Buying
Our focus is to help our clients increase profits, which reaches far beyond tax planning alone. So when we came across an article about goods young generations simply don’t buy, we took notice. Some of these profit slides are due to predictably fickle trends (the rise and sudden fall of gourmet cupcake

s, for instance), but others signify a much deeper downturn that manufacturers, retailers and service providers should considering pivoting around.

Tax Benefits of Health Savings Accounts (HSAs)

  • 9 October 2018
  • Author: Alexander Carr
  • Number of views: 172
  • 0 Comments
Tax Benefits of Health Savings Accounts (HSAs)

The IRS allows several ways to earmark pre-taxed money for certain expenses, thus reducing your end-of-year taxable income. Health savings accounts (HSAs) are among them. HSAs can be easy to set up and individually managed outside of employer healthcare plans. 

Ramping Up Your Seasonal Help? Don't Forget These Rules

  • 25 September 2018
  • Author: Alexander Carr
  • Number of views: 172
  • 0 Comments
Ramping Up Your Seasonal Help? Don't Forget These Rules

Can you believe we’re on the cusp of the holidays? Can you smell the pumpkin spice in the air?  If your business ramps up for the holiday rush, you likely already have your wheels spinning on hiring part-time seasonal help. But to avoid future problems (fines, labor complaints, and audits), you need to be on top of the latest employment and tax regulations. 

Former NBA Player Sentenced for Charity-Related Tax Fraud

  • 18 September 2018
  • Author: Alexander Carr
  • Number of views: 312
  • 0 Comments
Former NBA Player Sentenced for Charity-Related Tax Fraud
As online charity scams increase, a former professional basketball player has been found to have been in on the action. Former NBA star Kermit Alan Washington was recently sentenced

to six years in prison without parole and nearly $1 million in restitution for charity fraud,

Tax Tips for Californians Relocating to Texas

  • 11 September 2018
  • Author: Alexander Carr
  • Number of views: 180
  • 0 Comments
Tax Tips for Californians Relocating to Texas

Welcome to Texas! Are you from California? It’s a question many Texans have learned to ask lately, and the answer is often affirmative. For years, California business owners have been lured to Texas for its ideal climate of relatively low taxes, low regulation, and high quality of life. Most recently, San Antonio has seen a big boom, with California companies like TaskUs moving to the Alamo City. 

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