BUSINESS TAX

Recent Georgia Income Tax Law Changes

Federal tax reform changes aren’t the only changes to tax laws in 2018 –- there are also changes here at the local level in Georgia to consider as well! Governor Nathan Deal recently signed two major revisions affecting nearly all Georgia taxpayers. These changes are in response to the massive federal tax reform signed into law [...]

March 19th, 2018|BUSINESS TAX, INDIVIDUAL TAX|

Changes Expected in Early 2018 for Applications of Tax-Exempt Status

Entities can be set up as “for-profit” or “not-for-profit” (“nonprofit”) organizations. As their name suggests, the former focuses on maximizing profits while the latter does not. Nonprofit status is a state law concept determined by each state. Being a nonprofit organization in its state does not automatically qualify the organization to be federally tax-exempt, however. [...]

February 13th, 2018|BUSINESS TAX, NOT-FOR-PROFITS|

How Can Tax Credits Benefit You?

Do you know the difference between tax credits and tax deductions? And are you taking advantage of tax credits for actions you're already taking? Similar to deductions, tax credits incentivize individuals and businesses to reduce their overall tax liabilities. However, tax credits differ in that they provide a “dollar for dollar” reduction in [...]

January 17th, 2018|BUSINESS TAX, INDIVIDUAL TAX, VIDEO|

Understanding Tax Reform’s New Pass-Through Entity Deduction

As many business owners might tell you, there are times when business income and individual income can feel like two parallel universes co-existing in the cosmos. While they are closely related, passing through income from one to the other can seem as complicated as space travel itself. Lucky for you, recent changes within the Tax [...]

Tax Reform’s Bonus Depreciation and Section 179 Gift

On December 22, 2017, the President signed the Tax Reform legislation. The bill largely takes effect in 2018 and makes significant changes that impact most — if not all — taxpayers. Increased deductions for bonus depreciation and Section 179 expense are just two of these changes impacting business taxpayers, and these largely positive changes are [...]

January 15th, 2018|BUSINESS TAX, TAX REFORM: BUSINESS TAX|

Entity Selection Gets Murkier with New Tax Reform Passage

Choosing the best type of entity structure for your business has always been a complicated process. There are so many factors that go into making this decision - number of owners, state law, and taxation of the business and its owners to name a few. With the recent passage of Tax Reform, taxation has been [...]

January 8th, 2018|BUSINESS TAX, FEBRUARY 2018, TAX REFORM: BUSINESS TAX|

ACA News: Noncompliant ALEs to Begin Receiving IRS Letters

Ooh... who you gonna call (Ghostbusters) Who you gonna call (Ghostbusters) Ah, I think you better call (Ghostbusters) -Ray Parker, Jr., “Ghostbusters” If There's Something Strange in Your Neighborhood (Such as Your Mailbox), and It Doesn’t Look Good… The IRS is taking steps to enforce the Affordable Care Act’s (ACA’s) employer shared responsibility provision by [...]

December 26th, 2017|AFFORDABLE CARE ACT (ACA) COMPLIANCE, BUSINESS TAX, FEBRUARY 2018|

Unintended Tax Reform Consequences: Impact to GAAP Financial Statements

The GOP Tax Reform was signed into law on December 22, 2017. Many companies are scouring how those new tax law changes will impact their corporate tax returns. However, companies should also consider how these tax law changes may also impact their GAAP financial statements. Since the Tax Reform was signed into law in 2017, [...]

December 22nd, 2017|BUSINESS TAX, JANUARY 2018, TAX REFORM: BUSINESS TAX|

Focus On Mississippi Taxes: Do You See What I See?

CRI wants to sharpen your focus by highlighting potential money-saving state tax opportunities you may not be seeing through the Mississippi research skills tax credit and a contractor sales tax consideration related to component materials. A Prescription for Savings: The Mississippi Research Skills Tax Credit You could receive an additional tax credit because of your [...]

December 8th, 2017|BUSINESS TAX|

Business Tax Is Clearly Up For Change this Season: Comparison of House & Senate Tax Reform Bills

It’s been since 1986 since the winds of tax change have potentially blown this powerfully. Both the House and Senate have passed versions of tax reform, and the next step in the process is for members from both houses of Congress to develop a compromise final tax reform bill. This bill must then pass both [...]

December 5th, 2017|BUSINESS TAX, DECEMBER 2017, TAX REFORM: BUSINESS TAX|

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.

November 19th, 2017|BUSINESS TAX, VIDEO|

Hurricane-Related Tax Incentives & Employer Tax Credits Available

With autumn colors abounding, temperatures falling, football ongoing, and Halloween ghouls and ghosts now trailing behind us, many people start looking forward to Thanksgiving. Thanksgiving is a time for people to reflect and give thanks for things such as family, friends, health, and shelter. However, this reflection also causes us to pause and realize that [...]

October 26th, 2017|BUSINESS TAX, DISASTER RECOVERY, INDIVIDUAL TAX, NOVEMBER 2017|

Tax Deadlines Extended for Hurricane Harvey Victims

Highlights of Texas Taxpayer Relief Due to Recent Storms and Floods **Updated 10/30/2017** As anticipated, the IRS is providing disaster relief to Hurricane Harvey victims - individuals, businesses, and relief workers. The IRS has granted automatic extensions for several tax-filing and tax-payment deadlines to qualifying taxpayers in the following Texas counties: Aransas, Austin, Bastrop, Bee, Bexar, [...]

September 13th, 2017|BUSINESS TAX, DISASTER RECOVERY, INDIVIDUAL TAX|

IRS Announces Tax Relief for Hurricane Irma Victims

**Updated: 10/30/17** Hurricane Irma's record-breaking size, speed, and endurance recently precipitated billions of dollars of damage, and her timing couldn't have been worse for U.S. victims with fast-approaching tax filing deadlines. To help, the IRS has announced that it will provide tax relief to qualifying taxpayers in the Presidential Disaster Areas, as well as areas identified by the [...]

September 12th, 2017|BUSINESS TAX, DISASTER RECOVERY, INDIVIDUAL TAX|

Back to Partnership School: Review and Update Your Agreement

Some people struggle in September as they transition from summer to back-to-school routines. Similarly, amending a partnership agreement takes work, time, and adjustment—and is also likely a task that most of those involved would choose to avoid. It’s hard enough the first time to agree on all the items contained in the agreement – not [...]

August 28th, 2017|BUSINESS TAX, SEPTEMBER 2017|

Does Your Household Have a Home Team? Remember Your Employee Tax Obligations

Many families have built themselves a home team. Their players include nannies, housekeepers, cooks, gardeners, or healthcare workers, and they often come with tax obligations with which the families must follow to comply with IRS requirements. BATTER UP!  Not everyone who works at someone’s home is considered a household employee for tax purposes. To understand [...]

August 11th, 2017|BUSINESS TAX, SEPTEMBER 2017|

Sail Smoothly Through Those Saving or Shredding Decisions

With that sigh of relief that the deadline to file your tax return—or request an extension—has passed you may also 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 summer. [...]

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 that 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; designing; engineering; developing software; experimenting with [...]

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|

The Arm’s Length Principle: Protecting from the Rays of Transfer Pricing Adjustments

The IRS uses transfer pricing rules to govern negotiations between subsidiaries of the same company. Entities that violate these rules may be subject to penalties through transfer pricing adjustments, whereby the IRS reallocates income between the involved parties. Just as sunscreen blocks ultraviolet rays from reaching the skin, companies can use the arm’s length principle [...]

February 24th, 2017|BUSINESS TAX|