One common misconception is that the Research and Development Credit primarily benefits only very large enterprises. However, the R&D Credit can benefit businesses from all along the maturity spectrum from startups through very mature and large companies. What are Qualifying Activities It is often believed…
It’s that time of year! The holidays are upon us! A time for turkeys, holiday gifts and tax loss harvesting! Yes, that’s right tax loss harvesting. Let’s delve into this hidden tax planning gem! A Quick Primer on Tax Loss Harvesting Tax loss harvesting is…
It’s no secret that the states are continuously working hard to find new and creative ways to generate revenue. You may have heard of one of these revenue generators which has recently become a mainstream consideration for businesses operating across state lines: Economic Nexus. A…
Sometimes the situation arises in which the owners of a company want to invite a key individual to join the ownership team in return for the individual’s services. For example, an individual might have specialized training in a certain engineering process that can benefit a…
At R&R Accounting, we understand that navigating the complexities of tax preparation can be overwhelming. Our team of experienced tax professionals are here to provide you with the expertise, accuracy, and peace of mind you deserve. Here’s how we can help: Expertise and KnowledgeWhen you have a complicated financial…
Every year, South Dakota sends each employer a form informing the business of what the next year’sunemployment tax rate will be. This letter typically comes some-time around November annually. The unemployment rate is not automatically updated by most payroll software, unlike most other taxes,because this…
Tax Deadline: April 18, 2023 Individual and C-Corporation tax returns are due Tuesday, April 18th, 2023 (as the normal deadline of the 15th falls on a weekend and Monday the 17th is the Emancipation Day holiday in the District of Columbia). Most tax professionals are…
Businesses that file as an S-Corporation on Form 1120S or as a Partnership on Form 1065 have a tax return filing deadline of March 15th. Late filing penalties are $220 PER Partner or Shareholder PER MONTH (or part of the month, even 1 day) for late filed business tax…
Filing a complete and accurate tax return is the best way to ensure receiving the refund is a smooth process or helping to curb receiving IRS notices. 1. Gather Personal Information Social Security numbers and the date of birth for everyone on the tax return…
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