In the News

Numerous tax limits affecting businesses have increased for 2020

Numerous tax limits affecting businesses have increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social...

The SECURE Act changes the rules for employers on retirement plans

The SECURE Act changes the rules for employers on retirement plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial...

Spending bill extends tax breaks, adds retirement account provisions

Spending bill extends tax breaks, adds retirement account provisions

Spending bill extends tax breaks, adds retirement account provisions With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated...

Small Businesses: It may not be not too late to cut your 2019 taxes

Small Businesses: It may not be not too late to cut your 2019 taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: 1. Buying assets. Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or...

IRS updates rules for using per diem rates

IRS updates rules for using per diem rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to...

Two valuable year-end tax-saving tools for your business

Two valuable year-end tax-saving tools for your business

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these...

IRS Updates Rules for Mileage-Related Deductions

IRS Updates Rules for Mileage-Related Deductions

The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing...

California Cannabis Update

California Cannabis Update

California has the largest legal marijuana market in the world and is on track to post a record $3.1 billion in cannabis sales this year, representing a 23% increase over 2018. As CPA’s and business advisors, one of the increasingly common questions we get from...