President Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump's tax policies. In response to the Tax Cuts and Jobs Act (TCJA), Biden has promised a progressive taxation approach, focused primarily on increasing the burden on businesses and high-income individuals.
Business owners who are trying to decide which legal entity is appropriate for their companies must factor in several tax considerations in light of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the potential for new tax legislation in 2021.
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Business professionals need easy access to information to make timely decisions. SVA has what you need, when you need it. Choose a topic below or just contact us directly. Our expertise is ready anytime you need it.
The best way to stay current on all the ways your business can save time and money is to enlist an experienced accounting firm. SVA can help you with:
Tax planning should occur all year long, not just at year-end. SVA’s tax team is always in the know about the latest legislation and will help you minimize your business tax burden. Along with all the tax credits listed above, SVA can also help you with:
The tax-deferred exchange remains the most important tool in planning for non-personal real estate transactions. The 1031 exchange is a swap of one investment property for another, allowing capital gains to be deferred. We work with clients to navigate the many rules and regulations that affect these transactions. We also will act on our clients’ behalf to arrange and act as a liaison between the various other professionals required to complete the transaction according to strict IRS rules.
Everyone is familiar with sales tax and the role it plays as a consumer. However, understanding the complexities and laws involved with sales and use tax as it applies to business is another story. Reduce the impact of sales tax on not only your business but your customers by proactively planning for the tax consequences of your business-related activities.
There are many tax credits currently available, along with new ones available each year based on stimulus legislation and changing presidential leadership. Here are a few SVA can help you with:
Nexus, also known as sufficient physical presence, determines whether an out-of-state business selling products into a state is liable for collecting sales and use tax on sales into the state. Nexus is required before a taxing jurisdiction can impose its taxes on an entity. Congress enacted Public Law 86-272 which protects companies with only minimal state activities from being taxed. Our professionals can assist you in determining your company's multistate tax situation, take steps to insulate your activities from overzealous states, and minimize your overall state tax liability.
Paycheck Protection Program (PPP) funds provided billions in economic relief for businesses. The program includes round 1 funding, round 2 funding and loan forgiveness opportunities. Each round has specific guidelines and determining when to apply for funds and forgiveness requires talking with a tax expert. Navigating the other credits like the Employee Retention Credit that work together with the PPP funds can be complex. SVA has a team of experts who consistently monitor the latest news regarding these programs from the SBA and legislative efforts.
Are you a small business owner? Learn how you can take full advantage of the Qualified Business Income (QBI) deduction by downloading this eGuide.
There is a misconception that R&D tax credits are reserved for companies that have a dedicated R&D staff. The truth is any business can qualify as long as they adhere to a few simple guidelines outlined in this eGuide.
Learn how the latest COVID-19 economic relief bill affects businesses and individuals with this downloadable PDF!
Visit SVA’s Web Tax Guide to access a wide array of resources that can help prepare you and your business for the upcoming tax season.
CPA, ABV, CVA, MST
CPA, JD, ABV, PFS, CIRM
CPA, CFP®, AEP®, JD