Family businesses need succession plans, too
- ByPolk & Associates
- Dec, 07, 2018
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Those who run family-owned businesses often underestimate the need for a succession plan. But you can’t assume an ownership transition will go smoothly just because everyone involved is family. Some family members may want to continue with the business; others may want to sell it. A thorough succession plan will answer questions about future ownership and any potential sale so successors don’t have to scramble or squabble during an emotionally difficult time. The key to making any plan work is to clearly communicate it with all stakeholders. We can help.
Check deductibility before making year-end charitable gifts
- ByPolk & Associates
- Dec, 07, 2018
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With tax law changes going into effect in 2018 and many rules applying to the charitable deduction, it’s a good idea to check deductibility before making year-end donations. First, total up your potential itemized deductions for the year, including the donations you’re considering. The total must exceed your standard deduction (which has been nearly doubled by the TCJA) for year-end donations to provide a tax benefit. Next, make sure the organization is qualified: http://apps.irs.gov/app/eos. Finally, meet the Dec. 31 delivery deadline. Contact us with questions.
2019 Q1 tax calendar: Key deadlines for businesses and other employers
- ByPolk & Associates
- Dec, 07, 2018
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Here are a few key tax-related deadlines for businesses during Q1 of 2019. JAN. 31: File 2018 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2018 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2018 Forms 1099-MISC if not required earlier and paper filing. MAR. 15: If a calendar-year partnership or S corp., file or extend your 2018 tax return. Contact us to learn more about filing requirements and ensure you’re meeting all applicable deadlines.
Tax reform expands availability of cash accounting
- ByPolk & Associates
- Dec, 07, 2018
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The cash method of accounting offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Under the TCJA, if your business’s average gross receipts for the previous three tax years are $25 million or less, you generally will now be eligible for the cash method for federal tax purposes, regardless of how your business is structured, your industry or whether you have inventories. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider switching methods. Contact us to learn more.
Treasury: Be Aware of New Collections Scam
- ByPolk & Associates
- Dec, 07, 2018
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Taxpayers who receive a letter from a scammer or have questions about their state debts should call Treasury’s Collections Service Center at 1-866-218-7224. A customer service representative can log the scam, verify outstanding state debts and provide flexible payment options.