BUSINESS TAX

Tax Deadlines Extended for Hurricane Harvey Victims

Highlights of Texas Taxpayer Relief Due to Recent Storms and Floods **Updated 9/29/2017** 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 counties: Aransas, Austin, Bastrop, Bee, Bexar, Brazoria, [...]

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

IRS Announces Tax Relief for Hurricane Irma Victims

**Updated: 9/20/17** 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 health care 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 [...]

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

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|

How the IRS Packs a Punch with Transfer Pricing Rules

Transfer pricing involves related companies setting the prices of transactions with each other. Such agreements are also called “controlled transactions” because the parties going “toe-to-toe” are controlled by the same entity. For example, when two subsidiaries of the same parent company purchase goods from each other, they pay a transfer price. While transfer pricing is [...]

February 24th, 2017|BUSINESS TAX, NOVEMBER 2017|

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|