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Federal Tax News for Businesses

December 27, 2022

Court: Farmers Are Partially Allowed Depreciation Write-offs If you’re a business owner hoping to deduct asset depreciation from your gross income, it’s crucial to track the percentage of business use of assets. In one case, a married couple were long-time… Read more »

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1099-NEC, Closing a Business, Closing a Business? Here Are Some Steps to Take, Court Rules Business Must Show a "Profit Motive", Court: Farmers Are Partially Allowed Depreciation Write-offs, Deductions Disallowed Due to Insufficient Records, Federal Tax News for Businesses, Filing a final tax return and related forms, Filing annual reports, filing employment tax reports for the quarter, Issuing final paychecks to employees, Maintaining business records for at least four years, Notify the IRS in writing of the closure and request the cancellation of your Employer ID number and business accounts, Providing Forms W-2 to employees, Trust Fund Recovery Penalty is Upheld by Court

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