Income Taxes
FEATURED ARTICLES
All articles in this category pertain to income taxes. Income tax is tax imposed by the government on the income generated by businesses and individuals in their particular jurisdiction. To account for income tax, businesses recognize tax liabilities for estimated income tax payable, and determine the tax expense for the current period. FASB standard ASC 740 addresses income taxes.
Learn more about income taxes below.
Recent articles
Tax Considerations for Short-Term Rentals
February 24, 2022 By Amanda M. Mills, CPA, Tax Senior Manager Vacation Rental Amenities May Impact Tax Obligations Turning a spare room or vacation home into a short-term rental arrangement has proven to be a lucrative business opportunity and an income generator,...
What is an income tax provision?
<!--What is an income tax provision?--> Buckle your seatbelts because we’re about to go on an income tax provision ride. In this blog, we will be primarily focusing on current versus deferred portions of an income tax provision. Let’s begin by defining some...
Considerations for Nonprofit Startups
While in many ways similar to for-profit corporations, nonprofit organizations are bound by legal, tax, and accounting laws that are unique to them and them alone. As they navigate through their business lifecycles they will face many different challenges, of which...
IRS Extends Employer-Sponsored, Leave-Based Donation Programs through 2021
The IRS has extended through 2021 the tax benefits provided to employers for leave-based donation programs that aid victims of the COVID-19 pandemic. What Are Leave-Based Donation Programs? Under leave-based donation programs, employees can forgo their vacation, sick,...
How Manufacturers Can Save on Sales/Use Tax for Government Contracts
Manufacturing companies that sell equipment to the federal government or government contractors could be eligible for a tremendous tax benefit. The opportunity can help reduce sales/use taxes paid for consumables purchased in support of such government contracts. The...
Small Business Taxpayer Exception for Long-Term Construction Contracts
February 12, 2021 By Amanda M. Mills, CPA, Tax Senior Manager Is your construction company eligible for a small business taxpayer exception? Construction contractors should review their method of accounting to determine if a small business taxpayer exception may apply...