BUSINESS TAX

Sail Smoothly Through Those Saving or Shredding Decisions

With that sigh of relief that the April 18 deadline to file your tax return—or request an extension—may also come the desire to purge some prior year documents such as receipts, canceled checks, and bank and brokerage statements. Follow these general retention tips for individuals and businesses as you head toward the blue skies of [...]

May 5th, 2017|BUSINESS TAX, INDIVIDUAL TAX, May 2017|

It May Be Time to Swim in a New Direction with Research Tax Credits

The PATH Act, signed into law in late 2015, extended many business and individual tax provisions. A few of the changes, which can first be applied in 2016, are extremely beneficial for companies incurring research and development expenditures. Some of the qualifying business activities that may indicate a research tax credit possibility are: concept developing; [...]

April 25th, 2017|BUSINESS TAX, May 2017, START-UP BUSINESS PLANNING|

Depreciation is a Two-Way Street. Which Way Should You Go?

Some business owners may find themselves at a crossroads when selecting a depreciation method. For some companies, it may be better to maximize the depreciation deduction. Other organizations may benefit the most from minimizing the depreciation deduction to save it for future years. Watch as Kelly Littleton discusses these options in greater detail, [...]

March 3rd, 2017|BUSINESS TAX, VIDEO|

Maximize Tax Refund Benefits For Your Small Business

Receiving a tax refund can be exciting for many individuals. For small business owners, a refund can lead to new company investments, significant retirement plan contributions, or both. Watch as Heather Jourdan explains several options that small business owners have for making the best use of their tax refunds.

February 22nd, 2017|BUSINESS TAX, VIDEO|

Cutting Through the Red Tape: 5 Impactful Start-Up Business Tax Areas

Ask any owners about the early days of their business and they will likely tell you about countless hours of planning, sweat equity, and sleep deprivation. Since those tales are likely fairly accurate, it’s easy to get lost in a myriad of day-to-day decisions during the start-up phase, but don’t overlook the following four areas [...]

February 21st, 2017|BUSINESS TAX, START-UP BUSINESS PLANNING|

Tax Strategies for Structuring Your Business Sale: Capital Gains Versus Income Tax

Understanding the differences between capital tax rates and ordinary tax rates is important for business owners who want to maximize returns from selling their companies. Watch as Ann Marie Sale explains why capital tax rates are often advantageous and how sellers can structure a transaction to potentially optimize capital gains.

February 8th, 2017|BUSINESS TAX, VIDEO|

Extra! Extra! Read All About the New 2017 Tax Deadlines

The IRS and Congress made headlines by agreeing to change tax return filing and extension deadlines for the 2017 filing season (i.e., dates for filing 2016 returns). Their goal might be to spread at least some of the busy tax workload over a longer period – and relieve stress from taxpayers, preparers, and the IRS. [...]

February 5th, 2017|BUSINESS TAX, FEBRUARY 2017|

Every Year is “Selection” Year: Entity Selection Voting Made Simple

A number of candidates are running on your business entity selection ballot. Initially, they often all seem equally qualified, but not all entities are created equally. So let’s consider CRI your debate moderator for entity selection candidates. We’ll walk you through the various entity types, discuss their strengths, and examine their weaknesses. These details will [...]

December 16th, 2016|BUSINESS TAX, START-UP BUSINESS PLANNING|

Every Year is “Selection” Year: Voting on C-Corporations and S-Corporations

This is the last article in our series regarding business entity types. So far, we’ve discussed four types of entities: sole proprietorships, general partnerships, limited liability corporations, and limited liability partnerships. Now, let’s discuss the last two candidates remaining on the ballot: C-corporations and S-corporations. C-Corporations C-corporations are treated as separate legal entities from their [...]

December 16th, 2016|BUSINESS TAX, START-UP BUSINESS PLANNING|

Every Year is “Selection” Year: Voting on Partnerships, Limited Liability Companies, and Limited Liability Partnerships

In the first article of our series regarding choosing an entity type, we discussed the pros and cons of a sole proprietorship. In this article, we will discuss three more candidates on the business structure ballot: general partnerships, limited liability companies (LLCs), and limited liability partnerships (LLPs). General Partnerships                    General partnerships are separate legal entities [...]

December 15th, 2016|BUSINESS TAX, START-UP BUSINESS PLANNING|

A Microscopic View of Captive Insurance Taxation

A captive insurance company (or “captive”) is a licensed insurer generally established to meet the risk management needs of a specific company or group of companies. The risk management benefits are the primary reason for their formation, but the tax benefits can also be valuable. A captive must be licensed as an insurance company through [...]

December 5th, 2016|BUSINESS TAX, CAPTIVE INSURANCE, INSURANCE|

How the IRS is “Unmasking” Partnership Transactions and Liabilities

The IRS has issued final and temporary regulations addressing disguised sales of property involving partnerships, the allocation of partnership liabilities, and several other issues related to partnerships. The regulations are largely intended to eliminate what the IRS sees as abuses of some of the tax benefits associated with partnerships. Disguised Sales and Leveraged Partnership Transactions [...]

December 5th, 2016|BUSINESS TAX|

Why the Election Outcome Could Bring an Avalanche of Tax Law Changes

The election of Donald Trump as president of the United States, along with Republicans retaining control of both chambers of Congress, will likely result in an overhaul of the U.S. Tax Code. Based on Trump’s tax reform plan released earlier this year, tax law changes may include a reduction in tax rates for some individual [...]

November 10th, 2016|BUSINESS TAX, INDIVIDUAL TAX, NOVEMBER 2016|

To Deduct or Not to Deduct: That is the Business Tax Question

Shakespeare’s Hamlet  has nothing on Congress. In 1913, the 16th Amendment to the United States Constitution was ratified, ushering in the modern era of individual income taxation.  Long before that, as with Hamlet’s house and Denmark, taxpayers were clashing. It was only natural that tax battles ensued in court as well. Quoted in the opinion [...]

August 8th, 2016|BUSINESS TAX, SEPTEMBER 2016|

Recent Flooding Flows Deadline Extension to Houston Residents

The Houston area has been designated a federal disaster area due to the flooding that began on April 17, 2016. Given this designation, the Treasury Department has offered tax relief to residents in specified Houston counties. The deadlines for certain federal tax payments and filings have been extended until September 1, 2016. Individual Taxpayers Payments [...]

May 11th, 2016|BUSINESS TAX, INDIVIDUAL TAX|

Getting Up-to-Speed with the Presidential Candidate Tax Plans

There are several frontrunners in the current race for the White House. Perhaps one of the most popular – and controversial – issues of every presidential election is taxes. Presidential candidates sometimes include political rhetoric and lofty promises to persuade voters with their tax proposals. These might include significantly reducing or eliminating the Tax Code, [...]

February 2nd, 2016|BUSINESS TAX, FEBRUARY 2016, INDIVIDUAL TAX|

6 Tax Return Tips To Avoid An IRS Audit

According to a made-up survey, more Americans would rather have root canal surgery than be audited by the IRS. In fact, the same survey reveals that the only thing worse than an IRS audit is an IRS audit and a root canal at the same time. But don’t fret! These seven tax return tips will [...]

December 1st, 2015|BUSINESS TAX|

3 Common Record Retention Mistakes and How to Avoid Them

Cleaning and organization are often top New Year’s resolutions. Before implementing one or both of these resolutions for your business this year, do you know which records should be retained and for how long? Do you dispose of documents following the required retention period? Most importantly, do you have a current record retention [...]

November 20th, 2015|BUSINESS TAX, VIDEO|

8 IRS Changes Currently on the Radar

IRS headlines in recent months have encompassed a spectrum of issues from poor customer service to their upcoming areas of focus. The CRI team has pinged ahead for potential hazards so that we can position you accordingly. Read on for a quick update to get your bearings on the eight IRS changes that have made [...]

October 25th, 2015|BUSINESS TAX, INDIVIDUAL TAX|

3 Year-End Tax Tips

Pumpkin spice season is upon us, and next thing you know we'll be frantically racing through the mall to complete our Christmas shopping lists. As you prepare for the holiday frenzy, don't forget to add "call your CPA" to your to-do list. Why? There are several planning strategies to execute year-end tax tips [...]

October 5th, 2015|BUSINESS TAX, INDIVIDUAL TAX, VIDEO|