Category: U.S. Tax Compliance
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Retirement Plan Options
Let’s take a look at some of the most common retirement plans that small businesses can offer. 401(k) 401(k) plans are the most popular retirement plan among other options. They allow employees to defer a portion of their salary to their retirement accounts. Solo 401(k) plans are also great options if you are a sole…
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One, Big, Beautiful Bill provisions (OBBBA) for Businesses
The One Big Beautiful Bill Act (OBBBA) is a U.S. federal law signed by President Trump on July 4, 2025. Here are major provision and impacts below: 100% Bonus Depreciation Made Permanent Higher Section 179 Expensing Limits (Approx. 2025/2026 Statutory) Qualified Business Income (QBI) Deduction Made Permanent (Section 199A) Research & Development (R&D) to immediately…
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Partnership – Formation/Basis
How do we form partnership and partner basis? Formation Example (Service Provided – Exception, taxable) A taxpayer receives a 30% partnership capital interest in exchange for service provided. On the day she is admitted to the partnership, the partnership’s assets have a basis of $30,000 and a liquidation value of $90,000. SolutionThe taxpayer will recognize…