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Small Business › Tax Returns › Income Taxes

Rivkin Radler LLP

Closely Held Businesses and Their Owners Ask: What’s Big and Beautiful in the Recent Tax Law?

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The “One Big Beautiful Bill Act” (the “Act”) was signed into law last week, on July 4. As promised by the White House, the Act extends – i.e., purports to make “permanent” – many of the otherwise expiring provisions that were...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

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The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

Gerald Nowotny - Law Office of Gerald R....

Taxing Times - July 2021

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LATE RAPPER DMX OWED IRS NEARLY $700,000 IN TAXES - The influential rapper sold more than 74 million records worldwide. Rapper DMX owed the Internal Revenue Service $700,000 in unpaid taxes at the time of his death. ...more

Gerald Nowotny - Law Office of Gerald R....

Taxing Times - June 2021

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BIDEN TO INCREASE TAX AUDITS; MAY TARGET SMALL BUSINESSES - The president’s plan to scrutinize the tax returns of the wealthy may also target small businesses. President Joe Biden announced a plan to increase the...more

Oberheiden P.C.

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues FAQs and Form 7200 for Advance Payment of COVID-19 Employer Tax Credits

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The IRS has issued FAQs regarding the tax credits for the sick and family leave and employee retention tax credits which provide guidance on eligibility and instructions for claiming the credits. The guidance sets forth the...more

Foley & Lardner LLP

IRS Issues Guidance on Employee Retention Credits Under CARES Act

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On March 31, 2020, the IRS issued guidance on the Employee Retention Credits under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Employee Retention Credits are fully refundable tax credits...more

Morgan Lewis

Size Protest Decision Clarifies SBA Small Business Calculation of Annual Receipts

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After a decision from the US Court of Federal Claims, it is clear that companies filing for small business determinations should take care to properly apply the Small Business Administration’s detailed calculation methodology...more

Burr & Forman

The New Section 199A 20% Profit Deduction for Pass-Through Businesses: A Case Study: Court Reporters

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Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended...more

PilieroMazza PLLC

The Risk of Certifying as Small Without Tax Returns

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We are regularly contacted at this time of year, before tax returns are due, by companies that wish to pursue small business set-aside contracts but have not yet filed their tax returns. These inquiries stem from the belief...more

Gray Reed

New Tax Law – Impacting Your Small Business and You

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Agreeing with Benjamin Franklin that there is nothing certain except death and taxes, Sketch Wood and his partner Minnie Brix, owners of Wood & Brix, and their 200 employees are certain that the new tax law will affect them,...more

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