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Income Taxes › Business Taxes › Small Business

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Eversheds Sutherland (US) LLP

Close but no cigar: IRS releases updated draft Form 6765 “attempting” to reduce the heightened level of detail required to claim...

Eversheds Sutherland (US) LLP on

On June 21, 2024, the Internal Revenue Service (IRS) released an early draft of revised Form 6765, Credit for Increasing Research Activities. Following the release of the September 2023 draft Form 6765 which dramatically...more

Baker Donelson

SALT Select Developments - April 2024

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Blake, Cassels & Graydon LLP

Budget fédéral de 2022 – Présentation de certaines mesures fiscales

Blake, Cassels & Graydon LLP on

Le 7 avril 2022 (le « jour du Budget »), la ministre des Finances du Canada a présenté le budget fédéral de 2022 (le « Budget 2022 »). Certains contribuables ont peut-être été soulagés de constater que le Budget 2022 ne...more

Blake, Cassels & Graydon LLP

2022 Federal Budget: Selected Tax Measures

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On April 7, 2022 (Budget Day), the Minister of Finance introduced Canada’s 2022 Federal Budget (Budget 2022). While taxpayers may be relieved that Budget 2022 does not include an increase to the capital gains inclusion rate...more

Wilson Sonsini Goodrich & Rosati

House Democrats Propose to Limit Qualified Small Business Stock Tax Exemption

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On September 13, 2021, Democrats on the House Ways and Means Committee released proposed tax legislative text as part of a broader $3.5 trillion budget proposal. Among the proposals is a substantial limitation of the...more

Sullivan & Worcester

Home Office, Sweet Home Office, Could I Deduct Thee?

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It is a truth universally acknowledged that a home office deduction ("HOD") remains one of the main triggers for a tax audit… And yet, with so many of us working from home in 2020, the home office deduction is most likely to...more

A&O Shearman

Congress Passes Largest Ever Economic Stimulus Package: Key Provisions Of Cares Act - Update April 2020

A&O Shearman on

Originally published March 27,2020 – Last updated April 27,2020 The Novel Coronavirus (COVID-19) pandemic has swiftly and significantly unsettled key sectors of the U.S. economy, impacted the viability of many businesses and...more

A&O Shearman

Congress Passes Largest Ever Economic Stimulus Package: Key Provisions of CARES Act

A&O Shearman on

The Novel Coronavirus (COVID-19) pandemic has swiftly and significantly unsettled key sectors of the U.S. economy, impacted the viability of many businesses and affected the financial health of millions of Americans. In...more

McDermott Will & Emery

Weekly IRS Roundup November 18 – 22, 2019

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 18 – 22, 2019. November 19, 2019: The IRS published final regulations that affect United...more

Foodman CPAs & Advisors

Will the IRS Integrated Modernization Business Plan Work?

Foodman CPAs & Advisors on

On April 18, 2019, IRS released the IRS Integrated Modernization Business Plan April 2019  (Plan) -  a six year Plan designed to modernize the IRS’ technology systems, improve Taxpayer services and protect Taxpayer data. ...more

McDermott Will & Emery

Weekly IRS Roundup May 6 – 10, 2019

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 6 – 10, 2019. May 7, 2019: The IRS released Revenue Procedure 2019-22 updating Revenue...more

Burr & Forman

The New Section 199a 20% Profit Deduction For Pass-Thru Business Owners: Does It Apply To Rental Real Estate Activities?

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Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more

Burr & Forman

The New Section 199a 20% Profit Deduction For Pass-Thru Business Owners: Employee Leasing May Help

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Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more

Burr & Forman

The New Section 199A 20% Profit Deduction for Pass-Through Businesses: A Case Study: Court Reporters

Burr & Forman on

Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended...more

K&L Gates LLP

Section 199A (to Z): Simplifying the Tax Code for Small Businesses is Complicated

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The Internal Revenue Service (“IRS”) has released proposed regulations explaining how taxpayers should calculate the Section 199A deduction for qualified business income. ...more

Verrill

Lawyers on Tap: Tap Tips for Entity Formation and Taxation

Verrill on

In this episode of Verrill Voices: Lawyers on Tap, Verrill Dana attorneys Jennifer Green and Jonathan Dunitz discuss the importance of entity formation to the overall success of a brewery business, and the differences between...more

Foster Garvey PC

Decoding the Tax Cuts and Jobs Act – Part V: Changes to IRC §163(j) and the Business Interest Deduction Rules

Foster Garvey PC on

“Neither a borrower nor a lender be...” or at least, if you insist on borrowing (and we understand the appeal), we are here to help you stay abreast of the new rules on deducting interest. BACKGROUND/PRIOR LAW - Interest...more

Sheppard Mullin Richter & Hampton LLP

Real Estate Aspects of Tax Reform

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On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), the most extensive overhaul of the United States tax regime in over thirty years. The new tax laws will have a significant impact upon...more

Gray Reed

New Tax Law – Impacting Your Small Business and You

Gray Reed on

Agreeing with Benjamin Franklin that there is nothing certain except death and taxes, Sketch Wood and his partner Minnie Brix, owners of Wood & Brix, and their 200 employees are certain that the new tax law will affect them,...more

Burr & Forman

President Signs New Tax Law: The Return of Corporations for Small Businesses?

Burr & Forman on

President Trump signed into law a major overhaul of the US tax system. The corporate tax rates have changed from a system of graduated tax rates up to 35% to a flat tax on corporate profits of 21%. The alternative minimum tax...more

Orrick, Herrington & Sutcliffe LLP

The Impact On U.S. Corporations If The House's "Tax Cuts And Jobs Act" Passes

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We drafted a tax alert that addresses the impact of the much anticipated "Tax Cut and Jobs Act" (H.R. 1) on the taxation of U.S. Corporations. The complete text of the alert is available here. Below is a brief summary of H.R....more

Spilman Thomas & Battle, PLLC

Election 2016: Where the Candidates Stand on Issues Affecting the Construction Industry

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Here we are. The rollercoaster 2016 election is ending. Millions of Americans have voted already. Polls show a close race heading into Election Day. As the last Americans go to the voting booth, we take a look back at what...more

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