The reporting requirements for claiming charitable contributions of cash on your tax return can be strict. If you don’t follow them, your deductions may be disallowed by the IRS. You should also be aware that stringent rules also apply to donations of non-cash property. Property Gift Examples Have you considered giving stock to a worthy organization?… Continue reading

The process of submitting and approving expense reports for business travel can be an administrative hassle if your business reimburses employees for actual travel expenses. Fortunately, the IRS offers simplified alternatives that can save time and reduce recordkeeping. Per Diems vs. “High-Low” Rates Instead of reimbursing employees for their actual expenses for lodging, meals and… Continue reading

Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don’t pay off and it’s often management issues — not market conditions — that get in the way. Other Considerations Before entering into negotiations, consult with your tax adviser about: Assets versus stock. There’s a… Continue reading

Legislation enacted in 2015 established a new IRS audit regime for partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. Here’s a comparison between the old and new partnership audit rules, along with a summary of recently proposed guidance to help partners prepare for the changes that are effective starting… Continue reading

The federal self-employment (SE) tax just keeps going higher and higher. If you’ve reached the breaking point, there may be a way to tame the SE tax beast by converting your existing unincorporated small business into an S corporation. Of Course, there Are Caveats Potential audit target. The IRS is aware of the strategy of… Continue reading