Tax Reform and S Corporation Reasonable Compensation

The 2018 tax reform known as the Tax Cuts and Jobs Act (TCJA) allows for a new 20 percent deduction on certain business income, known as the Section 199A deduction. One should have the right type of business and the right taxable income. In our past blog article Christmas Came Early In 2018, we discussed different […]

Business Entertainment and Meals – Changes to Deductions

Dear Clients and Colleagues, As we wrote in our prior blogs, tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events. Description Amount Deductible for Tax Year […]

Christmas Came Early In 2018: The New Tax Legislation

Business Edition By Greg Freyman, CPA, CGMA “Thankfulness is the beginning of gratitude. Gratitude is the completion of thankfulness. Thankfulness may consist merely of words. Gratitude is shown in acts.” —Henri Frederic Amiel If you have a topic of interest you would like to see us cover, feel free to reach out and let us […]

Partnership Agreement Issues

We deal with agreements on a daily basis — from the terms and conditions on a website to municipal regulations that guide public actions. These agreements are often forgotten, if not entirely ignored, which may only become apparent when an issue arises. Similarly, partnership agreements may be drafted and then ignored. Partnership agreements guide many […]

2016 Year-End Update for Businesses

This blog post covers 2016 year-end update for businesses. With the start of 2017 quickly approaching, a slew of changes is upon us. The new year often brings tax changes, and with a new president in 2017 there is already talk of overhaul of the tax code. While we will briefly discuss some speculative changes […]

Freyman CPA on Helping Start-up Companies

If you tell people “I work at a start-up,” images of open-working spaces with ping pong tables and casual working atmospheres probably pop into their heads. In reality, start-up companies face many obstacles, and the founders and officers have many tax, operational, and legal logistics to handle. No single person is fully knowledgeable in every […]

Freyman CPA on Pitfalls of Sales Tax and Use Tax

Have you had any of these thoughts about your business’ sales tax or use tax obligations: “I’m a service provider; I don’t need to collect and remit sales tax.” “We were only in the state at a trade show for one week – we don’t have physical presence in the state, so we don’t have to […]

Tax Scams – What to Look Out For

As a reminder during this tax season as well as throughout the year, it is important to keep in mind that the IRS will not contact you by phone or e-mail regarding tax liens or outstanding tax liabilities.  The IRS has strict protocols when contacting taxpayers regarding tax deficiencies, with letters of correspondence being their […]

Schedule C Hot Topics

With tax season upon us, we have compiled a list of hot topics the IRS has been known to closely examine with the filing of a Schedule C – Profit or Loss from Business. The IRS’s primary concerns revolves around the reliability/duplication of information provided on the Schedule C as well as the methods used […]