Are Business Gifts Tax Deductible Expenses?
A business may make gifts to its customers and clients as a thank you for their business. The deductible amount of the gift, however, may be limited.
Bonus Depreciation Recapture When Business Use Falls Below 50%
When the business use of an asset falls below 50%, the business may have to recapture accelerated depreciation taken in earlier tax years. This example covers bonus depreciation recapture for business use vehicles.
IRS Form 8300 – Cash Reporting for Businesses
A business should complete Form 8300 when it receives a cash payment which exceeds the relevant thresholds. This article and video tutorial cover an example of Form 8300 reporting.
How to Search for an NAICS Code
A business will often have to disclose its NAICS code which most closely reflects its business activities. There are various ways to search for this business code.
Taxation of LLCs – Difference Between US and Foreign LLC
The LLC is a popular choice of entity inside and outside of the U.S. However, the tax treatment and default rules are not always the same with U.S. and foreign LLCs.
How to Search for a Company EIN?
The IRS issues employer identification numbers (EIN) to companies that need to submit tax returns. The IRS does not maintain a public database of assigned EINs, however, some EINs can be found in other databases.
Can You Apply for an EIN Before the Entity is Created?
An employer identification number (EIN) is assigned to a business entity and used to file tax returns with the IRS. Generally, the entity is created first before a company applies for an EIN. Can you apply for an EIN before entity formation?
Top 7 Tax Deductions for Rental Real Estate Properties
Many individuals and companies invest in rental real estate property. Here are the top 7 most common tax deductions that rental property owners need to make sure they claim on their tax returns.
Different Types of Taxpayer ID Numbers
There are many different types of tax ID numbers that serve a variety of different purposes. This article examines the most common tax identification numbers and their similarities and differences.
Does a Nonresident Receive Form 1099-NEC from a US Company?
Form 1099-NEC is filed by U.S. entities when they pay nonemployee compensation to an individual or business. Nonresidents that work for U.S. companies generally receive a Form 1042-S instead of Form 1099-NEC.