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Blog Category: Business

What Your Accountant Needs to Know

When something changes in business, the logistics and operational departments are often the first to know, but what about the accountants? It can be hard to know exactly what your

2022 Q2 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so

Understanding Sales and Use Tax on Services – Taxable and Non-Taxable Activities Depend on the State

Although many believe that services are exempt from sales and use tax, only a few states exempt all services.  On the other hand, only a few states actually tax all

Net Operating Losses for 2021 and Beyond

If your cooperative is taxed as a corporation and has had losses in past years or may have them in the future the rules have changed for how those losses

Good recordkeeping is good business and will help if you’re audited

Recordkeeping is an important part of running any small business. In fact, keeping good records helps business owners make sure their business stays successful.  Good recordkeeping is the key to

More Basis Disclosures This Year for S corporation Shareholders – Need to Complete New Form 7203 (to be Attached to 1040 Return)

In response to a renewed IRS focus on S Corporation shareholder basis issues, the IRS has developed a new tax Form 7203 that certain shareholders must include with their 2021

S Corporation and Partnership Tax Filers – You may need to complete additional schedules K-2 & K-3 to report your foreign activities (even if you have none!)

Effective for tax years beginning in 2021, the IRS will generally require new Schedules K-2 and K-3 for persons filing Forms 1065, 8865, and 1120-S.  Partnerships/LLCs and S corporations are

Opportunity to Defer Tax with a Like-Kind Exchange

Have you been thinking of selling a property that is used for business or held as an investment, but do not want to pay the capital gains tax created from

Getting your books ready for the new year

With the new year upon us, the time has come to close the books on 2021. For many companies, January is also the beginning of the new fiscal year, and

De Minimis Fringe Benefits to Employees

With the holiday season approaching employers may desire to reward their employees with a little something extra in their stockings also referred to as a fringe benefit.  Consideration for the