Businesses are running out of time to implement and act on year-end tax planning strategies. In addition, most companies have a few variables added to the mix this year. Mainly, the nineteen notable expired tax benefits from the prior year and those that are set to expire at the end of this year. How should your business prepare? Read More.
Tax planning over the long-term should not just focus on your projected income in relation to expenses. Rather, the timing for the payment of those expenses in itself can easily yield thousands of dollars in tax savings. So, what is this lesser-known tax planning technique? Read More.
This past year we received over 850 state tax questions related to employees living in one state, but working in another. The big concern is that they will have to file and pay taxes in both states. Fortunately, some states have reciprocal agreements in place to alleviate this tax burden. Read More.
Most businesses are well aware that their company may have to collect state sales tax if they have tax nexus. This may mean that the business has a physical location in the state, employees work within that state, and there is significant business being conducted within those borders. If your business does have nexus within a particular state, there could be long-term tax implications for doing business there. For instance, some states have implemented trailing sales tax nexus rules which require business to collect sales tax even if they no longer have tax nexus. Is your business liable for trailing sales tax nexus? Read More.
Your accountant should deliver enough value to justify the cost that your business bears for retaining their services. Having said that, it is in many cases the business that doesn’t extract enough value from their CPA. Are you happy with your current CPA & are you getting enough value from them? If not, we have some suggestions. Read More.
The price of oil continues to drop due to concerns of a global economic slowdown coupled with an apparent boom in US oil production. Even more, the recent 20% price drop over the past month is showing no signs of stabilizing. Having said that, consumers and certain businesses stand to benefit as a result of the big drop in oil prices. Read More.