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Holcombe, Holtzclaw, Ravan LLC
Businesses may receive notices about information returns that don’t match IRS records

Businesses may receive notices about information returns that don’t match IRS records

May 2, 2022 | Blog, Articles, Small Business Taxes, Tax Law, Taxes

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed...
Tax considerations when adding a new partner at your business

Tax considerations when adding a new partner at your business

Apr 19, 2022 | Articles, Blog, Small Business Taxes, Tax Law

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s...
Does your business barter? Here are some facts you should know

Does your business barter? Here are some facts you should know

Mar 10, 2022 | Blog, Small Business Taxes

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other...
The election to apply the research tax credit against payroll taxes

The election to apply the research tax credit against payroll taxes

Mar 3, 2022 | Blog, Small Business Taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in...
Tax aspects of operating your business as a sole proprietor

Tax aspects of operating your business as a sole proprietor

Feb 14, 2022 | Blog, Small Business Taxes

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net...
Tax limits for businesses have increased for 2022

Tax limits for businesses have increased for 2022

Jan 18, 2022 | Blog, Small Business Taxes, Tax Law

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject...
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