A net operating loss on your 2017 tax return isn’t all bad news
When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an…
When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an…
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs…
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If…
Your small business may be considering a conversion from its C Corporation entity structure to become an S Corporation. There are many tax benefits to making an S Corp election,…
Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you…
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type…
Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020. This article explains the current status of…
The Consolidated Appropriations Act (CAA) extends, liberalizes and expands the Paycheck Protection Program (PPP). Originally established by the CARES Act, the PPP expired on August 8, 2020. Now the CAA resurrects…
President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses and extends a bevy of other business…
Unfortunately, many businesses have already been forced to close their doors due to the economic fallout from COVID-19, and more will surely follow. Closing a business has important federal income tax…