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Businesses Must Prepare for the 1099-K Filing Threshold Decrease in 2022 1600 941 smolinlupinco

Businesses Must Prepare for the 1099-K Filing Threshold Decrease in 2022

When issuing reporting forms for 2022, businesses may be submitting additional worker information due to recent reporting range changes. At the start of this year, the income threshold for filing Form 1099-K (Payment Card and Third-Party Network Transactions) was significantly decreased, increasing the likelihood that larger numbers of businesses and workers may receive this document,…

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CLTs: The Leading Charitable Trust Option for Philanthropists 1600 941 smolinlupinco

CLTs: The Leading Charitable Trust Option for Philanthropists

If you are interested in donating assets to a charity you support but don’t want to permanently give up this property, consider a charitable lead trust (CLT). This trust functions as an alternative to charitable remainder trusts (CRTs).  CLTs revert your donated assets to your family instead of the charity after a specified amount of…

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Using IRA Charitable Donations as an Alternative to Required Taxable Distributions 1600 941 smolinlupinco

Using IRA Charitable Donations as an Alternative to Required Taxable Distributions

If you’re a philanthropist that receives traditional IRA distributions, there’s a charitable tax advantage you should know about involving cash donations to a charity approved by the IRS.  What are qualified charitable distributions? The most relied upon method of transferring your IRA assets to your preferred charity is through an age-restricted tax provision. If you’re…

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Corporate Estimated Tax: How to Calculate It 1600 941 smolinlupinco

Corporate Estimated Tax: How to Calculate It

June 15th is the next deadline to make quarterly tax payments. If you’re a business or individual who must pay, now is an excellent time to review the way corporate federal estimated payment calculations work. Your goal is to minimize your business’s estimated tax liability without getting dinged with an underpayment penalty.  Four ways to…

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Partners: You May Need to Report More Income on Your Tax Return Than You Received in Cash 1600 941 smolinlupinco

Partners: You May Need to Report More Income on Your Tax Return Than You Received in Cash

If you’re a business partner, you may find yourself confused during tax season. In any given year that you receive a distribution of your partnership income, you could be taxed for more than you actually received. How is this possible? It’s because of how U.S. taxation is set up to tax partners and their partnerships.…

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The Effects of Inflation on Your Financial Statements 1600 941 smolinlupinco

The Effects of Inflation on Your Financial Statements

The continuing trend of rising inflation has investors and business owners on high alert. The U.S. The Bureau of Labor Statistics has also tracked the steady rise in consumer pricing, which has seen an 8.3% increase over the last year. Its findings are based on the Consumer Price Index (CPI), which measures changes in cost…

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Don’t Forget to Fully Deduct Business Meals in 2022 1600 941 smolinlupinco

Don’t Forget to Fully Deduct Business Meals in 2022

This year new business expense relief is coming from the federal government. Under a new COVID-19 relief provision, the standard 50% deduction for business meal costs has been doubled to 100% for any food and beverages bought at restaurants for 2021 and 2022.  This increase means the entire cost of customer meetings at your favorite…

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Accounting Fair Value FAQs 1600 941 smolinlupinco

Accounting Fair Value FAQs

Over the past decade, the accounting industry has seen many rule changes that affect reporting of certain items on balance sheets. One such change is the guidance that certain items be reported at “fair value.” Read on to learn more about this new reporting standard and how to measure it accurately. What is fair value?…

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Tax Issues Caused By Changing to an S-Corporation from a C-Corporation 1600 941 smolinlupinco

Tax Issues Caused By Changing to an S-Corporation from a C-Corporation

For some small businesses, switching to an S-corporation entity structure from a C-Corp can reduce federal employment taxes. Despite the financial savings your company can enjoy while operating under this new classification, there are some additional taxation liabilities to keep in mind before making this change.  To better understand how your business could be impacted…

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Cash-Basis and Accrual Accounting Methods: A Quick Guide for Small Businesses 1600 941 smolinlupinco

Cash-Basis and Accrual Accounting Methods: A Quick Guide for Small Businesses

When they first start out, many small businesses use the cash-basis method of accounting. However, many eventually switch to accrual-basis reporting in order to conform with U.S. Generally Accepted Accounting Principles (GAAP).  This quick guide can help you decide which method is right for your business. The cash-basis method of accounting Businesses using the cash-basis…

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Important 2022 Q2 Tax Deadlines for Businesses and Employers 1600 941 smolinlupinco

Important 2022 Q2 Tax Deadlines for Businesses and Employers

Businesses and other employers should take note of these key tax-related deadlines for the second quarter of 2022.  April 18 Calendar-year corporations must use Form 1120 file a 2021 income tax return or use Form 7004 to file for an automatic six-month extension. Any tax due must be paid. Corporations must pay the first installment…

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The Tax Deadline Is April 18th: If You Aren’t Ready, File for an Extension 1600 941 smolinlupinco

The Tax Deadline Is April 18th: If You Aren’t Ready, File for an Extension

This year’s tax filing deadline is rapidly approaching—if you don’t have time to gather your tax information and file by April 18th, you can use Form 4868 to file for an extension. An extension allows you to avoid incurring “failure-to-file” penalties and will give you until October 17 to file. However, you’re still required to…

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