Business Tax Issues

Practical discussion of business tax planning, compliance, and emerging issues.

September 16 Deadline for Extended Pass-Through Filings

Pass-through entities such as S corporations and partnerships with a calendar-year-end face an upcoming extended tax filing deadline on September 16, 2024. Although the six-month extension may seem generous, many…

Determining AFS for Corporate AMT Calculation

The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative minimum tax (CAMT) effective for tax years starting after December 31, 2022. The IRS has released several notices,…

Basic Principles for Entertainment Deduction

Entertainment expenses are costs associated with activities that constitute recreation or amusement. These expenses include attending sporting events, social events such as parties, stage shows, and other similar costs. Historically,…

Basic Principles for Meals Deduction

This week’s blog will help you better understand the nuances of business meal deductions. You will gain clarity on when the 50% deduction limit applies and explore scenarios where meal costs are fully deductible.

IRC §179 Expense vs. Bonus Depreciation

Both §179 and bonus depreciation enable taxpayers to deduct the cost of newly acquired property the year they put the property into service. For assets placed in service in 2023,…

S Corp & Partnership Tax Filing Deadlines March 15

A reminder about tax filing deadlines coming up March 15 for S corporations and partnerships, and how to file for extensions if needed.