Archive: business tax

Employee Retention Credit Webinar

Put in place as a COVID-19 relief program, the Employee Retention Credit (ERC) was created as an initiative for business owners and nonprofit organizations to keep employees on payroll during the pandemic. As a result, ERC has rewarded business owners and nonprofit organizations with substantially large tax refunds. Presented by Tax Partner, Aaron Boker, this […]
July 29, 2021

IRS Audit Campaigns – S Corporations

The IRS’ Large Business and International (LB&I) Division has several active campaigns targeting S corporations. LB&I handles business entities reporting assets in excess of $10 million.  The purpose of audit campaigns is to identify potential noncompliance areas to focus on issue-based examinations and allocating their tax examination resources to taxpayers that will likely yield more […]
July 7, 2021

COVID-19 Relief Provided for Qualified Opportunity Funds and Investors

To provide relief in response to the COVID-19 pandemic for Qualified Opportunity Funds (QOFs), Qualified Opportunity Zone Businesses (QOZBs), and investors, the IRS issued Notice 2020-39. This notice provides expanded timelines for investors to make eligible investments, provides the QOFs and QOZB’s expanded timelines surrounding testing for investment standards, working capital safe harbors, and time […]
August 31, 2020

Prolonged Telecommuting Presents Difficult State Tax Reporting Issues

The COVID-19 pandemic has resulted in many businesses changing the way they conduct their operations. Undoubtedly, one of the biggest changes is that employers now have a significant increase in remote employees, which is forcing employers to determine if they are complying with certain state tax compliance requirements. Specifically, this is an issue to the […]

Selling Cannabis: Are Your Expenses Tax Deductible?

State legislation has now been passed in 30 states to legalize cannabis for medical or recreational purposes. As cannabis was becoming legalized, entrepreneurs who were eager to invest in new markets began opening dispensaries. Once it became time for businesses to file their taxes, unforeseen tax implications led to Tax Court cases that are now […]
September 26, 2018

The Capitalized Costs of Cannabis

In 1937, Congress ratified the Marijuana Tax Act which made it illegal under federal law to deal in the business of buying or selling cannabis. In recent years, states have passed legislation of their own that makes the dealing of cannabis legal for medical or recreational purposes. However, these states are still in violation of […]
September 24, 2018

M&A Shop Talk – Tax Reform Act – Private Company Related Tax Developments

The recently passed federal tax reform act commonly, also known as the “Tax Cut and Jobs Act of 2017,” contains many provisions that will require careful analysis and rethinking to effectively negotiate all future M&A transactions. Generally, the new tax law provision changes are effective for any taxable year beginning after December 31, 2017. It […]
February 1, 2018

How Does the New Tax Law Affect Your Practice?

No doubt, you have heard that there is a 20% deduction for business income. But, as with anything tax, the devil is in the details. First let’s review some common definitions: Taxable income for this purpose is defined as the net income shown on the form 1040 after all deductions, minus any long-term capital gain […]
January 26, 2018

Proposed Tax Law —What You Need to Consider in Your 2017 Tax Planning

BACKGROUND On November 2nd, the House Ways and Means Committee released H.R. 1, the Tax Cuts and Jobs Act, the opening volley on tax reform for the 115th Congress. The House bill (429 pages) is a Congressional response to a litany of issues that have plagued taxpayers (at least as perceived by the House Ways […]
November 10, 2017
  • By:
  • Mario DeLuca

UBI Activity Loophole for Schools

Schools often rent their facilities to a third party when they’re not in use or have excess space. They usually do this as a community service; for instance, renting the facility to a daycare provider or a summer school, or to produce additional income. School business managers and CFOs should know that this type of […]
April 18, 2017