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Category Archives: Business taxes
How a Change in 1099 Reporting Will Cause Headaches for Business Owners and Tax Preparers
As part of new legislation passed during 2011, Congress has mandated new reporting for payments made by credit card processors and banks. This new reporting requirement is sneaking up on the general public and will cause major headaches for business … Continue reading
Posted in Business taxes, Record keeping, Tax legislation
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Business Benefits Abound This Year
There are an abundant number of provisions that provide tax relief to small businesses this year. Just so that you don’t overlook any of these benefits, or in case your business would like to position itself to take advantage of … Continue reading
2011 Business Tax Planning
In an earlier post, we focused on tax planning moves for individuals. We want to focus now on business tax planning for 2011. Print PDF
New Business – What to Deduct
I was posed with this question recently, one that I frequently get when someone starts a new business in Illinois. Q: “I just started a new business and want to start keeping track of things for next year’s taxes. What … Continue reading
Posted in Ask Steve, Bookkeeping, Business taxes, Record keeping
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Illinois Tax Amnesty Measure Goes to Governor
The Illinois General Assembly has passed a measure to implement an amnesty on taxes administered by the Department of Revenue and has sent the measure to Gov. Pat Quinn. The amnesty period would run from October 1, 2010, through November … Continue reading
Posted in Business taxes, Illinois, Personal Taxes, Tax legislation
Tagged amnesty, Illinois, income tax, penalties
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Hiring Family Members in a Family Business
In today’s tough job market, students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job. The family business may be the only place for … Continue reading
Posted in Business taxes, Payroll, Personal Taxes, Tax Planning
Tagged employing a child, hiring family
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Reasonable Compensation is Becoming a Hot Issue
Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income. Because they are pass-through entities, Sub Chapter S corporations are … Continue reading
New Tax Law Changes in “Worker, Homeownership, and Business Assistance Act of 2009″
On November 5, 2009, the House of Representative passed H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009″. The measure was OK’d by the Senate on November 4, so it is cleared for the President’s expected signature. The … Continue reading
Final Filing Deadlines Approaching!
If you have not yet filed your 2008 tax returns, you are quickly running out of time! Corporate filing deadlines come in September, and personal filing deadlines arrive in October. After that you are subject to stiff fines from both … Continue reading
For Many Small Businesses, Fall Filing Deadline Looms for Special Refund Claims
IRS has issued a news release to remind eligible small businesses (ESBs) that time may be running out for them to elect a longer net operating loss (NOL) carryback under the American Recovery and Reinvestment Act of 2009 (ARRA, P.L. … Continue reading
