Regardless of its form, every business will be subject to a net interest expense disallowance. Starting in 2018, net interest expense in excess of 30% of your business’s adjusted taxable income will be disallowed. ...

One of the most significant provisions is the new deduction for qualified business income which can be income from a sole proprietorship as well as income from pass-through entities such as partnerships, LLCs, and S corporations. ...

On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big — despite your best efforts to keep it c...

I love my dog, Shea. I think of her as my child, but she has never given me any tax benefits. If you have an actual child, you always love them, but even a little more when it’s time to file taxes. This is because you’re able to claim them as a dependent, which meant a r...

If you own part of a foreign corporation you should read this all the way to the end.  If you don’t own a foreign corporation you probably don’t need to read on because this is going to get ugly and it’s going to be really long, there is just no quick way to attempt t...

My favorite IRS program - the Streamlined Disclosure Program - is going away September 28th so I had to write about it one more time. The past 10 years have seen a dramatic increase in the awareness and enforcement for the rules relating to foreign bank accounts. US citizens...

The Supreme Court ruled June 21, 2018 on a sales tax case that removed the physical presence standard that has long been the standard for sales tax....

Funny thing about customers: They can keep you in business — but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the point where the company’s cash flow...

Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned. The middle of the year is the perfect time to st...

Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. While retirement isn’t in your immediate future, you know you mus...

The federal tax reform highlights affecting businesses include a flat rate for c corporations, new limits in business loss deductions, section 179 expensing changes, luxury auto depreciation annual limit increases and other provisions included in this blog....