It's almost Tax Day! But don't despair; there still may be time to make some moves that will save taxes for your 2018 tax year. Here are five tax-saving ideas to consider.
Many businesses will pay less federal income taxes in 2018 and beyond, thanks to the Tax Cuts and Jobs Act. And some will spend their tax savings on merging with or acquiring another business.
Before you jump on the M&A bandwagon, it's important to understand how your transaction will be taxed under current tax law.
Throughout the year, construction companies and real estate developers need to be able to provide verified financial results to others.
This may be your CPA, a lender or investor, a potential purchaser of your business — should you decide to sell — or another interested party. Not to mention that you, as the construction company owner should know your books are being done with accuracy and completeness.
For all of these reasons, you should consider having your CPA prepare certified financial statements for your business, rather than always relying on internally generated reports.
The term "lean manufacturing" means different things to different people. However, it can generally be agreed upon that lean manufacturing represents a management philosophy that emphasizes the elimination or reduction of waste in order to increase company profitability. In other words, doing more with less.
Lean manufacturing is often associated with the Toyota Production System (TPS) that helped catapult the car-maker into worldwide prominence. But some industry experts trace its roots back to the Industrial Revolution and Eli Whitney's systemization involving interchangeable parts. Others link lean manufacturing with the Six Sigma set of practices designed to improve processes. In any event, the TPS is often cited as a successful model for implementation of lean manufacturing principles.
Keeping that in mind, consider the following eight steps for applying lean manufacturing to your business operation:
More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still wrapping their arms around the changes.
Additional guidance and regulations have been issued nearly every month — indeed, change is the new normal. Strategic tax planning now is key to lowering businesses’ total tax liability.
Read on for eight top planning opportunities and considerations businesses should review as part of their 2019 strategy.
Let's say divorcing spouses own part of the stock in a closely-held corporation. This may be one of their biggest marital assets, and often one spouse decides to buy out the other party's shares by transferring some assets in exchange for the stock. Before jumping headfirst into these transfers, it's important to consider the expected tax consequences.
Marked by turbulent trade conditions, a shifting retail landscape, continued fallout over tax reform and the accelerated growth of coworking companies, 2018 has been an eventful year for the real estate and construction industries.
As we enter 2019, a variety of forces are at play. The IRS will continue to release additional guidance on provisions introduced via tax reform, the future of U.S. trade policy is uncertain and interest rates will likely rise again.
As the new year unfolds, we’ve outlined our top five predictions for 2019.
Last year’s Wayfair decision is a momentous development in the debate over the digital economy’s responsibility for the collection of sales tax. As companies increasingly conduct business across state lines, how states and the federal government craft tax legislation that addresses the evolving definition of “nexus” significantly impacts all taxpayers—including manufacturers.
(Background: In June 2018, the U.S. Supreme Court ruled in the landmark case South Dakota vs. Wayfair that the “physical presence test” for determining if a seller is required to administer sales taxes is “incorrect.” States may now legally require sellers to administer sales taxes, even if the seller has no in-state physical presence.)
While many states offer manufacturers generous sales tax exemptions on certain equipment and machinery purchases, the industry is now faced with new sales/use tax rules that impact both purchase and sale transactions. The Wayfair decision has important business implications manufacturers can’t afford to ignore—lest they wind up with a hefty tax bill they didn’t plan for.
When President Trump signed into law the Tax Cuts and Jobs Act in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income.
The IRS issued proposed regulations for the qualified business income (QBI), or Section 199A, deduction in August 2018. Now, it has released final regulations and additional guidance, just before the first tax season in which taxpayers can claim the deduction. Among other things, the guidance provides clarity on who qualifies for the QBI deduction and how to calculate the deduction amount.
The new rules include important clarifications for rental real estate owners, service businesses and the owners of multiple businesses. Read on for the important clarifications.
What is the value of my business? That's the question every business owner wonders from time to time. But the correct answer varies depending on the purpose of the appraisal. Different rules and "standards of value" may apply in different circumstances.
There are a number of reasons you might want to determine the value of a business, including:
- Business planning,
- Potential sale or purchase of a business,
- Gift, estate and other tax purposes,
- Buy-sell agreements,
- Business litigation, including shareholder disputes and oppression cases,
- Marital dissolutions, and
- Financial reporting.
Here's a closer look at some of the common reasons to value your business.
Topics: Business Valuation