MKS&H Articles

Did you know the 1099 deadline is fast approaching?!

[fa icon="calendar'] Jan 10, 2017 3:47:27 PM / by Anca Stradley posted in Advisory, tax

[fa icon="comment"] 0 Comments

If you paid $10 or more in gross royalties or $600 or more in rents or compensation to a person who is not an employee or to an unincorporated business you are most likely required to report the amount on a Form 1099. The payments have to be made in the course of your trade or business during the calendar year. Generally, any person, including a corporation, partnership, individual estate, and trust which makes reportable transactions must file a Form 1099. The type of reportable transaction determines the specific Form 1099 which must be filed. One of the most common forms 1099 issued is Form 1099-MISC. Form 1099-MISC is required for each person to whom you have paid during the year:

Read More [fa icon="long-arrow-right"]

Deductible Expenses are "Reasonable" on case by case basis

[fa icon="calendar'] Mar 23, 2016 11:59:34 AM / by admin posted in tax deductions, tax deduction, accounting, Deductible Expenses, business, tax, capital, Tax Savings

[fa icon="comment"] 0 Comments

To be deductible expenses, a business expense must be ordinary, necessary and reasonable in amount. The part of that three-pronged test that seems to give taxpayers the biggest problem is the reasonable amount.

Read More [fa icon="long-arrow-right"]

Do you need to file any 1099s? The initial deadline of January 31st is fast approaching!

[fa icon="calendar'] Jan 26, 2016 9:46:34 AM / by admin posted in tax

[fa icon="comment"] 0 Comments

If you paid $10 or more in gross royalties or $600 or more in rents or compensation to a person who is not an employee or to an unincorporated business you are most likely required to report the amount on a Form 1099. The payments have to be made in the course of your trade or business during the calendar year. Generally, any person, including a corporation, partnership, individual estate, and trust which makes reportable transactions must file a Form 1099. The type of reportable transaction determines the specific Form 1099 which must be filed. One of the most common forms 1099 issued is Form 1099-MISC. Form 1099-MISC is required for each person to whom you have paid during the year:

Read More [fa icon="long-arrow-right"]

Attention Employers – Are you subject to the ACA reporting requirements due to employees January 31, 2016?

[fa icon="calendar'] Jan 19, 2016 8:57:16 AM / by admin posted in Small Employers with Fewer Than 50 Employees, Affordable Care Act, Employers with 50 or More Employees, Filing deadlines January 31 2016, tax, Employer-Sponsored Self-Insured Plans, ACA reporting requirements

[fa icon="comment"] 0 Comments

This is important information regarding Employer Reporting Requirements of the Affordable Care Act beginning in 2016 (for health coverage offered on or after January 1, 2015). Internal Revenue Code (IRC) Section 6056 requires Applicable Large Employers (ALEs) and employers of all sizes with self-insured plans to file information returns with the Internal Revenue Service (IRS) to report applicable healthcare information. An ALE must file Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, for each full-time employee, and the related Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns. These reporting requirements help administer the employer shared-responsibility mandate and the individual mandate added as a part of the Patient Protection and Affordable Care Act.

Read More [fa icon="long-arrow-right"]

The Protecting Americans from Tax Hikes Act Passed! Here's All the Info You Need.

[fa icon="calendar'] Dec 23, 2015 2:04:58 PM / by admin posted in tax deductions, tax deduction, accounting, business, tax, Tax Savings

[fa icon="comment"] 0 Comments

It's official! The House, Senate, and President passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which includes momentous tax breaks and incentives for taxpayers. Included in this legislation are over 20 vital permanent provisions that will benefit individuals and businesses alike, including a permanent R&D credit, Section 179 deduction, and the American Opportunity Tax Credit.

Read More [fa icon="long-arrow-right"]

You May Have to Start Providing Health Insurance to your Temp & Contract Workers

[fa icon="calendar'] Dec 15, 2015 1:32:00 PM / by admin posted in tax deduction, health insurance, business, tax, Strategy, Tax Savings

[fa icon="comment"] 0 Comments

Does your organization use temporary workers or independent contractors on a regular basis?

Read More [fa icon="long-arrow-right"]

Working out at the Office is a Tax-Free Perk

[fa icon="calendar'] Dec 10, 2015 11:40:51 AM / by admin posted in tax deductions, tax deduction, accounting, business, tax, ceo, Tax Savings

[fa icon="comment"] 0 Comments

Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as long as they are not discriminatory in nature. (If your company decides to reward a select group, such as limiting benefits to only the corporate officers, the benefits are generally taxable to the recipients.)

Read More [fa icon="long-arrow-right"]

Handling Interest on Loans to Inject Capital in your Business

[fa icon="calendar'] Nov 23, 2015 2:53:37 PM / by admin posted in tax deductions, tax deduction, accounting, business, tax, Entrepreneur, Strategy, capital, Tax Savings

[fa icon="comment"] 0 Comments

There are instances when you can write off interest on personal loans used for business purposes, such as injecting capital into an S corporation, multi-member LLC, partnership or C corporation. But keep in mind that interest expenses must be classified into one of four categories (see box at the bottom of this article for details).

Read More [fa icon="long-arrow-right"]

Tax Structuring for Exporters - IC-DISC

[fa icon="calendar'] Nov 12, 2015 11:23:16 AM / by admin posted in exports, tax deductions, tax deduction, imports, exporting, business, tax, Strategy, Tax Savings, Manufacturing, international

[fa icon="comment"] 0 Comments

In my previous article, How to Start a Global Sales Strategy for Your Exports , I discussed some significant incentives and resources Maryland offers manufacturers that are considering an export initiative. This second article of the three part series will look at tax structures for exporters and the incredible tax savings these structures provide.

Read More [fa icon="long-arrow-right"]

Transfer Pricing for Multinationals: Maximize Opportunities and Minimize Risks

[fa icon="calendar'] Nov 11, 2015 9:07:11 AM / by admin posted in Transfer Pricing, tax deductions, accounting, business, multinational, tax, Tax Savings, Manufacturing, international

[fa icon="comment"] 0 Comments

Transfer pricing continues to be one of the most important matters facing multinational companies. The tax situation in any given country can affect whether or not your business sets up facilities or holds intellectual property ownership there. The IRS and numerous tax authorities worldwide are intensifying their focus on how corporations allocate income and expenses among related entities abroad because of the potential to shift income inappropriately to lower tax jurisdictions.

Read More [fa icon="long-arrow-right"]

Subscribe for our Latest Articles

Article Categories

Featured in Alltop

Posts by Topic

See All