Season 2: Episode 6: Tax Planning for Businesses

In this episode of Accounting for Tomorrow we dive into the world of tax planning for businesses at year end. Our guests, Cheryl and David, partners at Harris CPAs, share valuable insights on various tax-related topics that businesses need to consider for 2023, including employee retention credits, the inflation reduction act and its impact on tax credits, including energy efficiency and research and development expenses. Join us as we navigate through these key tax planning considerations and many others, to help businesses stay informed and make sound decisions on key ways to minimize their taxes.

Show notes:

• 00:35 - Introduction and Overview of 2023
• 01:06 - Employee Retention Credits
• 03:49 - Research and Experimental Expense Treatment
• 05:58 - The Corporate Transparency Act and Its Implications
• 07:46 - Exploring the Inflation Reductionary Act
• 10:53 – Past tax laws still in effect: ABE payments, Net Operating Losses
• 15:40 - Understanding depreciation & its limits: Section 179, Bonus Depreciation
• 17:35 – Real Estate Interest Expense & limitations: 163(J) provisions
• 18:34 - Choosing the Right Entity for your Business
• 22:00 - Different Basis of Accounting: Cash vs. Accrual
• 24:38 - Navigating State and Local Taxes plus the Nexus Rules

Links:

Chery Guiddy's Biography

David Hutchison's Biography