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Business Tax

Tax laws and regulations change constantly and business owners and corporate CFOs do not always have the time to keep up with all the new tax legislation. The experienced tax CPAs at Frazier & Deeter provide sophisticated and timely tax advice to help you minimize taxes while adhering to regulations.

Many of our tax professionals worked with national CPA firms before joining Frazier & Deeter and they have extensive experience in corporate and individual tax issues. Our tax clients include public, private and nonprofit organizations of all sizes operating across industries. We have specialists in areas like nonprofit and tax implications of multi-national operations.

Expertise for Business Owners

We assist business owners in determining how to structure their business, such as whether they should become an S corporation, a C corporation, or an LLC. Choosing the legal form for operating a business dramatically impacts after-tax cash flow available to owners, the deductibility of employer fringe benefits, personal liability and more. Some of the crucial items to consider when starting a business include the company’s overall method of accounting, its tax year-end, inventory valuation method and debt versus equity capitalization.

A close relationship is maintained with a company’s owner to ensure that overall business strategies complement their individual tax situation. Because we know that each client has different needs and goals, we meet with them periodically to discuss their individual and business related issues.

Article: Auto Depreciation Safe Harbor Offered by IRS

Passenger autos are one class of business asset that have unfavorable depreciation rules, but bonus depreciation for passenger autos just got easier.

Article: IRS Rushes out Key Guidance on TCJA for Corporations, Alimony Trusts and HSAs

With a December 22, 2017 signing date and an effective date just nine days later, the IRS has been rushing to implement the Tax Cuts and Jobs Act so that taxpayers can make necessary changes in planning and reporting for 2018.

Article: Taxing Situation for Technology Companies

The Tax Cuts and Jobs Act of 2017 is unquestionably the most significant change to U.S. tax law since the 1980s. While it is true many businesses will now be subject to lower tax rates, the devil is always in the details when you’re dealing with Congress.

Article: New Rules for Passthroughs Ease Concerns, Allow Aggregation

One of the more complex areas of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction for the “qualified business income” of sole proprietorships, partnerships, LLCs, and S corporations. While the deduction is an important tax break for passthrough businesses, it is also restricted.

Article: IRS Explains New Limits on Executive Compensation Deduction

Companies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives.

Article: IRS Clarifies New Rules for Bonus Depreciation

The expansion of bonus depreciation was a welcome part of the Tax Cuts and Jobs Act, and now the IRS has released regulations to clarify many aspects of the new rules.

Article: Progress Report: The New Tax Law’s Impact on Passthrough Entities

How is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019 when 2018 tax year filings are prepared.

Article | Changes to Transportation Fringes Explained

Beginning in 2018, employers lost their business deduction for expenses of providing transportation fringe benefits to their employees, including items such as commuter highway vehicles, transit passes, or “qualified parking.” Qualified parking is defined as parking provided to an employee “on or near the business premises of the employer or on or near a location from which the employee commutes to work.” This includes third-party parking garages and parking lots leased or owned by the employer.

Article | IRS Reveals Procedure for Dealing with New Interest Deduction Limitation

One of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as well as some infrastructure businesses, can elect out of the limitation in return for longer lives and slower depreciation write-offs.

Article | More Passthrough Guidance from IRS

Despite the 35-day government shutdown, the IRS was able to finalize regulations issued last Summer on the Sec. 199A passthrough deduction for qualified business income (QBI).

Article | New Tax Law a Game-Changer for Corporations

With significant changes, these reforms increase the U.S.’s competitive position by reducing the U.S. corporate tax rate from close to the highest in the industrialized world to a rate below the worldwide average.

Article | Complex New Rules for Passthrough Taxes Explained

The tax changes affect all individuals and every type of business with most taxpayers seeing a reduction in their taxes, although some individuals and entities could be hit with tax increases down the road.

Article | Is C Corporation Your Best Option Under the New Tax Law?

While converting from a passthrough business to a C corporation may be advantageous for some, the decision is a complex one and must be customized to your particular business activities.

Article | How the New Business Interest Limits Will Work Under TCJA

The Notice released by the IRS promises new regulations and provides immediate guidance in a few key areas relating to interest carried forward from 2017, consolidated groups, earnings and profits computations, and how the limitation affects partners and S Corporation shareholders.

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