Recent News & Blog / Business Tax
Important considerations when engaging in a like-kind exchange
A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange.
For Maryland businesses, Personal Property Exemption raised from $2,500 TO $20,000
A new law has raised the exemption for personal property assessment for all Maryland businesses from $2,500 to $20,000. HB268 will save
The tax obligations if your business closes its doors
Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met.
How do taxes factor into an M&A transaction?
Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold.
National Taxpayer Advocate issues midyear report to Congress, expresses concerns
National Taxpayer Advocate Erin M. Collins has released her statutorily mandated midyear report to Congress.
Businesses will soon be able to deduct more under the standard mileage rate
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website.
Is your corporation eligible for the dividends-received deduction?
There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation.
IRS increases mileage rate for remainder of 2022
Yesterday, the Internal Revenue Service (IRS) announced an increase in the optional standard mileage rate for the final six months of 2022.
Calculating corporate estimated tax
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments.
Partners may have to report more income on tax returns than they receive in cash
Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.