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Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payment…
Read MoreIf you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC)…
Read MoreDo you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation…
Read MoreThe growing adoption of electric cars is not news. But what are the prospects for EVs in the coming years, and the opportunities and challenges that need to be overcome to move them from the periphery of mobility, to the mainstream…
Read MoreOn February 10th, Intel-owned Altera Corp. appealed to the Supreme Court its loss in the U.S. Court of Appeals for the Ninth Circuit over the validity of Internal Revenue Service regulations that force companies to include stock-option compensation among the assets that are valued for U.S. tax purposes…
Read MoreMany people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity…
Read MoreAre you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving…
Read MoreAlthough cyber-security is nothing new, healthcare providers are becoming more susceptible to attacks on their electronic information ranging anywhere from financial support such as electronic invoices to personal information on residents and patients …
Read MoreAn array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important…
Read MoreEffective January 1, 2020, the Florida sales tax rate for commercial rentals will be reduced from 5.7% to 5.5%. The sales tax applies to the total rent charged for …
Read MoreThe “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions…
Read MoreHere are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020…
Read MoreAt this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability…
Read MoreIf your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim…
Read MoreThe right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before…
Read MoreAs an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit…
Read MoreAs a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. The IRS audited 0.6% of individuals in fiscal year 2018. Businesses and high-income people are more likely to be audited, but audit rates are historically low. However, some tax return items may raise red flags with the IRS, such…
Read MoreDo you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution is taxable to you as a shareholder but it’s not deductible by the corporation. But there are several alternatives that may allow you to withdraw cash from a corporation and avoid dividend treatment…
Read MoreThe use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars…
Read MoreOperating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses…
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