Act Now: Expanded Charitable Deductions End In 2021
Expanded tax benefits for charitable contributions expire at the end of 2021, so it is important to consider additional giving now.
Practice Leaders
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.
Learn More:
Numbers Are Coming Down But Tax Increases Still Possible In Huge Infrastructure Bill
The $3.5 trillion infrastructure bill has cleared the House tax writing committee and now is the subject of intense negotiations to move it forward.
Will Global Minimum Tax Become a Reality?
After competing for the lowest tax rates for years, 132 countries holding 90% of the world’s GDP have agreed to a framework for a global minimum tax on corporations. The plan, described in an OECD Statement, is a two-pillar package…
SBA Streamlines PPP Forgiveness Process for Small Loans, Drops Loan Necessity Forms
The SBA and lenders originated over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses. Now they have made it easier to get forgiveness of PPP loans of $150,000 or less. The SBA has…
PPP Recipients Who Skipped 2020 Deductions Can Take Them in 2021
Taxpayers who did not take deductions in 2020 because of the IRS’s earlier position on forgiven PPP loans may be able to take the deductions in 2021, according to new IRS guidance. In the early days of the PPP program,…
Biden’s Latest Tax Plan Would Increase Top Rate, Eliminate Favorable Capital Gains
President Biden has released a description of his American Families Plan, which is designed to provide far-reaching economic benefits to lower and middle-income families. The $1.8 trillion cost would be funded by increasing individual taxes on higher-income taxpayers, including a…
Working From Home – Tax Implications for Employers
By – Kristin Popp-Inegbedion As employers around the world passed their one-year anniversary of working from home, many tech companies announced their employees will not have to return to offices and instead can work remotely from anywhere. Even Ford announced…
Biden Seeks Corporate Tax Increases to Fund Infrastructure Plan
Increasing the corporate tax rate to 28% is the cornerstone of President Biden’s Made in America Tax Plan, unveiled as part of a proposed $2 trillion infrastructure and jobs program. Other tax provisions target international profit shifting, offshoring incentives and…