Find the top small business news, headlines, and videos about entrepreneurs, venture capital, jobs, start-ups, and more in CNBC's Small Business section.
Taxpayers can make an election to opt out of the new bonus depreciation rules and use 50% bonus first year depreciation per the prior rules for the first tax year ending after September 27, 2017. General Business Credit Enhanced This credit includes numerous separate busine...
Find the top small business news, headlines, and videos about entrepreneurs, venture capital, jobs, start-ups, and more in CNBC's Small Business section.
In IRS Publication 463, here is the blurb on client gifts: You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. A gift to a business that is intended for the eventual personal use or benefit of a particular person or ...
This is where it gets a little tricky, so let's break it down. An S corporation8("S corp") is a special type of corporation created through an IRS tax election. An eligible domestic corporation or limited liability company (LLC) can avoid double taxation (once to the corporation and aga...
Small businesses who acted in good faith, extended themselves to retain their employees, and applied for benefits they are entitled to under the law should not be given the runaround by the IRS. Sadly, over the last year many business owners across Virginia’s 5th District have reached out to...
While the IRS generally does not accept late submissions, there are still strategies you can employ to address a missed 83(b) filing. Here’s how you can manage the situation effectively. What Is the 83(b) Election? The 83(b) election allows individuals to elect to be taxed on ...
NEW IRS GUIDANCE PROVIDES FRESH IMPETUS FOR USING ELECTING SMALL BUSINESS TRUSTS.ESBTs were intended by Congress to provide S corporation shareholders with an additional vehicle for holding their stock. The new rules flesh out the mechanics of the ESBT election, operation, and termination, including...
(b) election, reports the current fair market value of the shares to the IRS (later including the difference between the fair market value on the date of grant and the purchase price, if any, as income on his tax return1) and writes out a check to pay for the fair market value of...
small business tax return- this is a common misconception. However, this is an IRS thing and you might still have a separate state filing requirement. For example, California has a franchise tax that is reported on Form 568 even if you are considered disregarded by the IRS. Texas and other...