Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the… Read More »Emil @ CPA-LA tips: New per diem business travel rates kicked in on October 1
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject… Read More »Emil @ CPA-LA wrote: The Social Security wage base for employees and self-employed people is increasing in 2024
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger… Read More »Business automobiles: How the tax depreciation rules work
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). A… Read More »Emil @ CPA-LA explain How IRS auditors learn about your business industry
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that… Read More »Emil @ CPA-LA: What types of expenses can’t be written off by your business?
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply… Read More »2023 Q4 tax calendar: Key deadlines for businesses and other employers
In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under… Read More »Emil @ CPA-LA Wrote: It’s important to understand how taxes factor into M&A transactions
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for… Read More »Emil @ CPA-LA tips: Spouse-run businesses face special tax issues
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here… Read More »Emil @ CPA-LA wrote: Update on depreciating business assets
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your… Read More »Emil @ CPA-LA: Divorcing business owners should pay attention to the tax consequences
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be… Read More »Guaranteeing a loan to your corporation? There may be tax implications
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members… Read More »Planning ahead for 2024 by CPA-LA: Should your 401(k) help employees with emergencies?