D.C. Small Business Resiliency Fund

October 7, 2020

Is Your Small Business Eligible for the Recent D.C. Grant of $10,000?

Just this morning, the application window opened up for small businesses to apply to the Small Business Resiliency Fund. This fund is an element of D.C.’s comprehensive effort to assist businesses with operations as they bob and weave through the weeds of the COVID-19 pandemic. The fund aims to protect people, assets, and presence and will contribute $3 million in emergency operational funding.

Read more

Small Businesses: Are First-Year Depreciation Write-Offs Right for You?

September 15, 2020

Under today’s federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or first-year Section 179 deductions.      

Read more

5 Mid-Year Tax Planning Ideas for Small Business Owners

August 5, 2020

The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021?

Read more

Closing a Practice Doesn’t End Patient Responsibilities

June 23, 2020

For most small business owners, closing up shop is relatively simple — perhaps they take down their signs, get rid of inventory and turn the lights off. But for a health care practitioner closing a practice, the issues are more complex.

You have a duty to preserve medical records and ensure your patients have access to them. There may even be liability issues after your death that must be addressed in your estate plan.

Read more

Small Employers: Should You Jump on the MEP Bandwagon?

November 13, 2018
MEP

MEPs are expected to lower administrative costs, but do they offer the simplicity that employers want?

Today approximately 38 million private-sector employees in the United States lack access to a retirement savings plan through their employers. However, momentum is building in Washington, D.C. to remedy this situation by helping small employers take advantage of multiple employer defined contribution plans (MEPs).  Read more

IRS Issues Guidance Deducting Meals Bought During Entertainment

October 24, 2018
Deducting Meals

Guidance has been issued on the ability of small business owners to make deductions for meals bought while entertaining customers.

The IRS recently provided transitional guidance about the deductibility of expenses for business meals that are purchased in an entertainment context. (IRS Notice 2018-76)

The Basics

Businesses can deduct ordinary and necessary expenses paid or incurred during the tax year in carrying on a trade or business. Before it was amended by the Tax Cuts and Jobs Act, the tax code generally prohibited deductions for entertainment, amusement or recreation activities. However, the tax code provided exceptions to that prohibition, so many businesses could write off some entertainment expenses. Read more

New Tax Law Boosts Appeal of Qualified Small Business Corporations

May 21, 2018
Qualified Small Business

Qualified Small Business Corporations come with their share of tax gains and benefits, as well as rules and regulations.

Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that’s acquired on or after September 28, 2010. Sales of QSBC stock are potentially eligible for a 100% federal income tax exclusion. That translates into a 0% federal income tax rate on your profits from selling stock in a QSBC.

Here’s what you need to know about the 100% stock sale gain exclusion rules, including important restrictions and how this deal may be even sweeter under the Tax Cuts and Jobs Act (TCJA). Read more