Insights
IRS Announces Marginal Well Credit
The Internal Revenue Service (IRS) recently issued Notice 2019-37, which announced that the marginal well credit (MWC) on qualified natural gas production from qualifying wells would be $0.00 per mcf for tax years beginning with calendar year 2018. For the purpose of this credit, marginal production is defined as domestic natural gas produced during any…
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Navigating the Qualified Business Income Deduction
One of the most talked about provisions of the Tax Cuts and Jobs Act of 2017 is the Qualified Business Income Deduction, a new tax benefit allowing entrepreneurs, self-employed individuals and investors to deduct 20 % of their business income in calculating their income tax. This was a significant change to the taxation of flow-through…
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If your kids are off to day camp, you may be eligible for a tax break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit,…
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Accounting Method Alternatives for the Construction Contractor
Generally, a contractor’s chart of accounts for their accounting system is significantly different than other businesses and is oriented towards the method of accounting selected by the contractor. This article will explain some of the differences and why they are important. Two of the differences explored below are: Completed contract vs. Percentage of Completion Cash…
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Put a number on your midyear performance with the right KPIs
We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might say, “Pretty good.” But, analytically, can you put a number on how well you’re doing — or several numbers for that matter? You can if you choose and calculate the right key performance indicators (KPIs). 4…
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Grading the performance of your company’s retirement plan
Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school? Benchmarking can tell you. Mind the basics More than likely, you already use certain criteria to…
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2019 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July…
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Employers: Be aware (or beware) of a harsh payroll tax penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes payroll tax payments late, there are escalating penalties. And if an…
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Hiring this summer? You may qualify for a valuable tax credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted…
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Tax-smart domestic travel: Combining business with pleasure
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you…
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