David Reape CPA

Posted in: Articles, Tax, Tax Tips

The deductibility of corporate expenses covered by officers or shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. non-deductible […]

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David Reape CPA

Posted in: Articles, Tax, Tax Tips

How start-up expenses are handled on your tax return

Entrepreneurs often don’t know that many of the start-up expenses incurred can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new […]

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David Reape CPA

Posted in: Articles, Tax, Tax Tips

Can my small business can be hit with the “Trust Fund Recovery Penalty?”

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because taxes are considered […]

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Posted in: Articles, Tax

The IRS Dirty Dozen 2021 – Part 3

Yesterday, we presented the 2nd installment of the IRS’ Dirty Dozen 2021, revealing scams that use email, text, social media messages, or phone calls to get personal information, with the end goal of tax-related identity theft. Today, HW&Co. is going over scams targeting the most unsuspecting victims and tricking them into doing something illegal or […]

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Posted in: Articles, Tax

The IRS Dirty Dozen 2021 – Part 2

Yesterday we introduced the first installment of the IRS’ Dirty Dozen — its annual list of the top tax scams that victimize many unsuspecting people. We feel it’s important to share this information and urge you to share it with your family and friends. Today we present scams that use email, text, social media messages, […]

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