TAX PLANNING | 5/2/2024 More than 20 states now allow pass-through entities (PTEs) to elect taxation at the entity level. This approach helps members bypass the federal $10,000 limit on itemized deductions for state and local taxes (SALT), offering potential tax-saving benefits. At Chartered Consulting LLP, we provide insight into navigating these PTE tax elections …
CORPORATE TAX | 11/30/2024 Employee health coverage is a cornerstone of many companies’ benefits packages. However, navigating the administrative responsibilities that come with offering health insurance can be challenging. A critical aspect of this process involves understanding the reporting requirements set by federal agencies like the IRS. Is your business required to comply, and what …
CORPORATE TAX | 10/31/2024 For e-commerce entrepreneurs, navigating the complexities of tax regulations is a critical yet often overwhelming task. The rapidly evolving landscape of e-commerce taxation requires online business owners to understand tax guidelines and implement effective strategies. At Chartered Consulting, we’re here to help you master this tax maze. Whether you’re an experienced …
CORPORATE TAX | 04/19/2024 Maximizing Tax Savings: Understanding the Interplay Between Section 179 and Bonus Depreciation Tax planning has evolved from a year-end exercise into an ongoing, strategic process. With regular consultation becoming essential, one significant opportunity for businesses lies in leveraging Section 179 and bonus depreciation. These provisions, particularly following changes introduced by the …
CORPORATE TAX | 03/24/2024 If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA credit applies to tips that your staff …
CORPORATION TAX | 02/28/2024 Key insights Businesses must carefully evaluate loans between related companies so interest rates charged comply with the federal income tax rules. The IRS recently issued Advice Memorandum AM-2023-008, shedding light on treating intercompany interest rates in the context of group membership. Overcharging affiliates could lead to IRS scrutiny and potential adjustments. Let’s …
CORPORATE TAX | 2/5/2024 Managing monthly sales tax compliance can be complex and time-consuming, taking valuable resources away from growing your business. At Chartered Consulting LLP, we offer a personalized and cost-effective outsourcing solution that simplifies your sales tax obligations while uncovering opportunities and mitigating risks. Our state and local tax (SALT) professionals provide expert …