As a business, there are many different parts of the tax code that you need to understand in order to avoid issues. One of those is Section 1244. Section 1244 is known as the small business stock provision, and it allows shareholders of specific small businesses the ability to...
Preparing for tax season can be overwhelming, even if you are working with an experienced accounting services company like MKS&H. However, putting time and effort into planning and preparing for the filing process can rapidly streamline things and make sure that you are getting all of the deductions that...
Tax season is right around the corner, which means that every business should be sitting down with their accounting professionals to review their books for the year and get their taxes filed on time. However, as you look ahead it’s a good idea to familiarize yourself with tax credits...
Choosing the legal structure of your business can be incredibly challenging, as there are pros and cons of each structure. While some of the differences will primarily impact how you run things behind the scenes, there are many tax implications associated with all of the formats. At MKS&H we...
In today’s world, workers in the gig economy and freelancing are more common than ever. However, are you really on the hook for paying taxes when you deliver a few pizzas on a Friday night? Do you have an obligation to file and report the income if you are...
While your e-commerce business might feel different from a traditional brick and mortar business, the law and IRS will treat you in much the same manner. In fact, you might have additional regulations that you are subject to. E-commerce businesses should work with a tax professional to make sure...
The American Rescue Plan brought many different changes to businesses, and one of the things that is changing is the Form 1099-K reporting threshold for third-party settlement organizations. The old rule, which remained the rule for the 2020 and 2021 tax years, centered around a $20,000 minimum per 200...
There are many differences between the tax situations that international businesses can anticipate in other countries and what they can expect when operating in the United States. One of the important things that they must understand is sales and use tax. US sales and use tax is different than...
Recognizing that the current tax season continues to be a tough time for many people due to the unusual circumstances related to the COVID pandemic, the IRS announced last week that the tax deadline for individual taxpayers was automatically extended from April 15, 2021 to May 17, 2021. This...
Maryland announced yesterday an extension of the tax income filing deadline for individuals, pass-through entities, fiduciary, and corporate income tax returns that would have been due March 15 or April 15, 2021. This extension also includes the deadline for the first and second quarter estimated payments that are now...
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