Computer software drives the world. Businesses use software to account for transactions, communicate with colleagues and customers, and design and manufacture new products. One thing is clear: without software, we’d be lost. Accounting for the costs associated with software acquisition, however, can be less than straightforward. In this article, we’ll outline some things a business will need to consider when acquiring or implementing new software for its own use and how to account for those transactions.
With the holidays over, tax-minded individuals are now focused on gathering their paperwork to file 2019 returns and project what their tax situation will look like in 2020. Each year, Congress decides to extend or let expire various provisions of the tax law. This article summarizes some of the more commonly-used “extenders” so individuals and business owners may understand the impact of various courses of action.
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The IRS recently publicized that it will be cracking down on taxpayers for not properly reporting cryptocurrency transactions. In this article, we’ll summarize different types of transactions and how the IRS has recommended they be reported.
Earlier this year, we discussed the new income tax credit for qualified family leave. This credit applies to employers who satisfy certain criteria and pay employees under qualified plans.
With more than 2,500 pieces of legislation proposed in the 90-day 2019 Maryland General Assembly session, it can be hard for business owners to identify the big issues that might affect them. Here, we identify four key pieces of legislation that, if passed, could have a dramatic effect on Maryland businesses.
There continues to be a lot of discussion about the Tax Cuts and Jobs Act, signed into law in December 2017. There are new tax rates for individuals and corporations and different ways to apply existing provisions of the tax code. One new credit, however, has been largely ignored and may provide a significant tax benefit for businesses that are paying employees under the Family Medical Leave Act of 1993 (FMLA).