There’s a small business tax trap that many owners fall prey to. The IRS requires you to make quarterly estimated payments of your tax liability. Most of us small business owners either underpay the tax rate or not even pay ...
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Category Archives: Tax
Distributions: S-Corporation Cash & Tax Planning for Small Business Owners
Small businesses that are S-Corporations generate cash flow to owners in two different ways: income earned through salaries and bonuses and also through distributions. Think of salaries and bonuses as compensation for your work as a manager of the business, ...
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New Ruling for Research & Development Tax Credits
From Nick Morganti, TGG Consulting CFO
2016 ushers in permanent change to the Research & Development (R&D) Tax Credit moving forward. Previously, it was temporary and had to be reenacted on a yearly basis. Here are a few important items ...
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What is a 1099 and who gets one?
Form 1099 is an Internal Revenue Service (IRS) document that is used to report certain payments to the recipient and, importantly, also to the IRS. The obligation to report is imposed on the payer under the Internal Revenue Code. ...
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Land vs. Building Costs
Real property purchased by a business may have two components: land and buildings. For purchasers that are not in the business of actively purchasing or investing in real property as their primary function, these two components receive very different accounting ...
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Capitalization of Interest & Loan Fees
When obtaining a loan for operations or the purchase of assets. There are certain costs related to the loan other than the principal amount. The two most common fees are loan or origination fees and the interest charged on the ...
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Sage Timberline – Payroll Module
Sage Timberline Office a.k.a. Sage 300 Construction and Real Estate allows construction and real estate firms an opportunity to streamline workflow and processes between departments to improve accounting efficiencies. This blog will provide a brief overview of the Payroll module....
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IRS Notices – Incorrect Name/TIN’s on 1099′s (Part 2)
In my last blog I started diving into the IRS notice CP2100 received by businesses informing them of incorrect or mismatched Name/TIN reported on 1099’s (Part 1). Now, I’m going through the details of what action to take ...
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IRS Notices – Incorrect Name/TIN’s on 1099’s (Part 1)
Last month the IRS sent out notices to businesses notifying them of incorrect Name/TIN’s on the 1099’s submitted earlier this year. I have noticed over the years that all IRS notices generally look scarier than they really are. Mainly because ...
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Cost Basis for Real Property
When dealing with real property, there are certain costs that add to the value of the property while others are considered period costs that are expensed when incurred. The distinction between the two types of property costs determines the basis ...
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