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 TCJA Bills 12.05.17

December 5th, 2017 -- 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 [...]

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

The Premiere of Tax Reform is Coming…Maybe

Candidate Trump promised monumental and comprehensive tax reform when he was running for President. With a Republican-controlled Congress and a Republican in the White House, one would presume that President Trump might now be able to deliver on that promise. However, the experience of dealing with ACA “repeal and replace” has many experts more cautious [...]

November 7th, 2017|BUSINESS TAX, INDIVIDUAL TAX, NOVEMBER 2017|

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 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|

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|

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|

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|

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|