Increased Standard Mileage Rate for Second Half of 2022
With the increase in gasoline and diesel prices at the pump, the I.R.S. has been under intense pressure to adjust the Standard Mileage Rate with which businesses may reimburse employees…
Quarterly Tax Estimates Overview
“Dear Gary, I see you sent me quarterly estimates to pay. Do I have to pay them? Can I pay less than you recommend?” The above is one of the…
Accounting for Internal Use Software Costs for SAAS Companies
To capitalize or not to capitalize? Companies that sell software as a service (“SAAS”) are faced with the challenge of considering the appropriate accounting method for software development costs. In…
Should your Business Report on the Cash or Accrual Method?
Deciding between cash or accrual accounting methods for your initial business tax return? Here is what you need to know. Cash method taxpayers report income and deductions when cash is…
What if Your Holding Period Isn’t Five Years for §1202 (QSBS)?
Most entrepreneurs and early investors are familiar with the five-year holding period for §1202. This tax code section allows an exclusion on the gain of qualified small business stock (“QSBS”) of…
When to Use Restricted Stock Instead of Stock Options
I often get asked by clients whether they should use stock options, the typical “currency” of choice for their employees, or some form of restricted stock. The answer I give…
Qualifying for the R&D Payroll Tax Offset Election for 2021
A taxpayer that claimed the R&D payroll tax offset starting in 2016 may not qualify for tax year 2021. The election is only allowed for 5 years. Therefore, if the offset was…
Research and Experimental Expenditures for 2022
The Tax Cuts and Jobs Act (TCJA) signed in to law on December 22, 2017 had a provision in it that is going to have a negative impact to companies…
Taxation of Cryptocurrency
We saw for the first time in 2019, the words “virtual currency” on Form 1040 (Schedule 1). There’s been additional discussion and regulation out of the Infrastructure Act that passed…
Webinar: ASC 842-Leases
ASC 842 – Leases is now in effect for non public entities as of January 1, 2022 with early adoption permitted. Should you be planning to implement early in advance…