Close-Up on Pass-Through Entity Tax Laws
At the start of 2024, three dozen states and New York City already had pass-through entity taxes (PTETs) on their books, with legislation pending in three other states. These types of workarounds for the current $10,000 cap on the federal deduction for state and local...
2021 Virginia Passthrough Entity Tax
Summary After a long delay, the Virginia Department of Taxation can now process 2021 passthrough entity tax (PTET) returns. Electing passthrough entities (PTE) must file 2021 Form 502PTET through Virginia’s Business Online System by September 16, 2024 Those companies...
Help Wanted: Hiring Your Kids to Work for Your Small Business
If you own a small business, you might consider hiring your kids to work during their time off from school. In addition to teaching your children some financial responsibility and business sense, there are some tax advantages to factor into your decision. Tax...
Keys to Avoiding Payroll Tax Trouble
What would happen if your company failed to pay the IRS payroll taxes when they are due? You could be on the hook for penalties and, if you are treated as a “responsible party,” held personally liable for unpaid taxes. Fortunately, your business can avoid dire tax...