The IRS Announces a Delay in New Reporting Rule Threshold

The IRS has recently announced another delay in the implementation of changes to the reporting rule threshold for Form 1099-K. This delay comes as a relief to many businesses who were unaware of the proposed changes and would have been caught off guard by the new reporting requirements. In this article, you will learn more about the current reporting threshold, the proposed changes and the impact impact it will have on businesses that use third-party settlement organizations to receive payments.

The Advantages of Using an LLC for Your Small Business

If a small business is operated as a sole proprietorship, the owner may have considered forming a limited liability company (LLC) to protect his or her assets. Or, if the owner is launching a new business, he or she may want to know what options are available for setting it up. This article explains the basics of operating as an LLC and why it might be a good choice for a small enterprise.

First-Year Bonus Depreciation and SEC. 179 Expensing: Beware of Pitfalls

Many businesses are eligible for current tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to choosing the regular depreciation rules. This article explores a couple of examples to show why it’s critical to look at the big picture and develop a strategy that aligns with a company’s overall tax planning objectives.

Appraisals Aren’t Just for Businesses Anymore

Anyone in the process of making a retirement or estate plan, or who intends to donate property to charity, needs to know the value of their assets. For many hard-to-value items — such as closely held business interests, real estate, art or collectibles — an appraisal may be necessary.

One Reason to File Your 2023 Tax Return Early

The IRS will soon announce the opening of the 2023 individual income tax return filing season. Even for taxpayers who don’t typically file until much closer to the April 15 deadline (or file for an extension), it’s a good idea to file earlier this year. Why? One major benefit is to protect against potential tax identity theft.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty-five years history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

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To learn more about Dannible & McKee, visit us at: www.dmcpas.com.