Category Archives: IRS Regulation

Year-End Tax Planning Tips for Small Businesses

November 8, 2021 | IRS Regulation, Tax Planning, Tax Preparation

You may still have time to significantly reduce this year’s business federal income tax bill even with all the uncertainty about proposed tax law changes. Congress is currently considering some tax changes. Here are five possible moves to consider — but stay tuned for developments.    Claim 100% First-Year Bonus Depreciation for Last-Minute Asset Additions Thanks  Continue Reading »

DOL Suspends Changes to Trump-Era Labor Regulations  

April 12, 2021 | IRS Regulation

Just weeks before President Biden took office, the Trump administration took action to change how employers determined independent contractor status. Now, the U.S. Department of Labor (DOL) is rescinding those regulations, returning the country to the guidelines set by previous administrations. Here is a brief overview of these new (old) regulations. Independent Contractor Status If  Continue Reading »

Key Changes for Businesses created by the New American Rescue Plan Act

March 29, 2021 | IRS Regulation, Tax Planning

The American Rescue Plan Act (ARPA) was signed into law earlier this month, providing a massive infusion of much-needed relief to nearly every corner of the American economy — from individuals to businesses to nonprofits to healthcare organizations and state and local governments. If you’re a business or self-employed individual here in Maine, there are  Continue Reading »

What makes a small business owner’s compensation ‘reasonable’?

March 15, 2021 | Accounting Standards, IRS Regulation, Tax Planning, Valuations

As a small business owner, you need to ensure that your compensation reflects what others would receive for performing similar duties in a similar setting. Not only is this important for tax purposes, but it’s needed to determine the value of your business. Total Compensation Package As the business owner, you’re likely to have related  Continue Reading »

COVID Relief Provisions that Can Lower Your Business Taxes

March 1, 2021 | IRS Regulation, Tax Planning, Tax Preparation

After a most unusual, volatile and unprecedented year for Maine businesses, your finances — and tax situation — may be unlike any other “normal” year. Filing your business taxes can oftentimes be stressful, but with the economic hardships of the past year, it can be even more challenging. The silver lining is that there is  Continue Reading »

5 Valuable Tax Credits for 2020 Individual Returns

February 15, 2021 | IRS Regulation, Tax Planning, Tax Preparation

Every dollar counts, especially as the COVID pandemic continues to create economic uncertainty here in Maine and throughout the country. As tax season arrives, it can be helpful to learn about federal income tax credits that can significantly lower your tax obligations. It’s important to note that tax credits aren’t the same as tax deductions.  Continue Reading »

Ways to Fully Deduct Business Related Meals

February 1, 2021 | Accounting Standards, IRS Regulation

Portland is known around Maine and New England — and even throughout the country — for its award-winning, creative and gourmet restaurants. Unfortunately, many of Portland’s restaurant businesses have struggled mightily during the COVID-19 pandemic. Some have even had to close. But a little relief may be on the way. In the recent Consolidated Appropriations  Continue Reading »

Appropriations Law Adds Some Business Tax Breaks and Extends Others

January 18, 2021 | IRS Regulation, Tax Planning, Tax Preparation

Ever since the CARES Act was passed in early 2020, many businesses in Maine and across the country have been waiting for additional government action to help handle the economic fallout of the COVID pandemic. After much back and forth — and much delay — the Consolidated Appropriations Act (CAA) was signed into law just  Continue Reading »

Tax Implications of Holding Precious Metal Assets in Your IRA

January 4, 2021 | IRS Regulation, Tax Planning

With the stock market hitting record levels and interest rates at historic lows, some investors are moving away from low-risk securities like bonds and money-market funds and investing in precious metal such as gold, silver or platinum. If you’re considering doing the same within your IRA, you should consider some of these tax related issues.  Continue Reading »

Clarity on Three 2020 Employer Tax Credits

December 21, 2020 | IRS Regulation, Tax Planning, Tax Preparation

With the year ending and tax season on the horizon, it can be helpful to get clarity on various tax credits. With COVID impacting the economy and quite possibly your business, you should ensure you can save every dollar you can. Congress enacted three tax credits that can provide some relief to eligible employers at  Continue Reading »