When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. A recent U.S. Tax Court ruling could ultimately mean that more employer-provided meals will be 100% deductible under this exception. […]
Small Business Tax Advice
Could captive insurance reduce health care costs and save your business taxes?
Could captive insurance reduce health care costs and save your business taxes? If your business offers health insurance benefits to employees, there’s a good chance you’ve seen a climb in premium costs in recent years — perhaps a dramatic one. To meet the challenge of rising costs, some employers are opting for a creative alternative […]
Put your audit in reverse to save sales and use tax
Put your audit in reverse to save sales and use tax It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many […]
Material participation key to deducting LLC and LLP losses
Material participation key to deducting LLC and LLP losses If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all LLC and […]
6 ways to control your unemployment tax costs
6 ways to control your unemployment tax costs Unemployment tax rates for employers vary from state to state. Your unemployment tax bill may be influenced by the number of former employees who’ve filed unemployment claims with the state, your current number of employees and your business’s age. Typically, the more claims made against a business, […]
ESOPs offer businesses tax and other benefits
ESOPs offer businesses tax and other benefits With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce and potentially a smoother path for succession planning. How ESOPs work […]
