Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks. File a federal income tax return for your business’s final year and, if you have employees, make final federal tax deposits and report employment taxes.
Increase Business Deductions with Tangible Property Safe Harbors
Did your business make repairs to tangible property in 2025, such as buildings, equipment, or vehicles? In many cases, these costs may be fully deductible on your 2025 federal income tax return. However, expenses that qualify as improvements must generally be capitalized and depreciated over time.
Reminder: Use Correct Forms to Pay Employment Taxes
Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer’s Annual Federal Tax Return and Form 941, Employer’s Quarterly Federal Tax Return.
A small business files one or the other; these two forms are not interchangeable and the employer should never flip-flop between the two forms on their own. They should always file in accordance with their designated filing requirements. Let’s take a look at the differences between these forms.
Maximizing Your Exit: The 4 Paths to Selling Your Business
Comparing Business Exit Options
Selecting your business successor is a fundamental objective when planning your exit strategy. The ideal path strikes a balance between financial security, tax efficiency, and legacy.
The Tax Implications of Remote Work
Remote work can offer advantages for both employers and employees. But it’s not without challenges, such as unexpected tax consequences.
New QPP Deduction Can Save Manufacturers Significant Taxes
The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for nonresidential real estate that’s classified as qualified production property (QPP).
Mergers & Acquisitions Tax Guide: Asset vs. Stock Sales
Whether you’re selling your business or acquiring another company, the tax consequences can significantly impact the success of a transaction. Before entering a merger or acquisition, it’s essential to understand the potential tax impact.
Tax Planning: Key Considerations When Selling Your Business
Summary: Tax Essentials for Selling Your Business
Selling a business requires proactive tax planning because the IRS views the sale not as a lump sum, but as a collection of individual assets.
2 Important Changes for Businesses under the New Tax Law
The One Big Beautiful Bill Act (OBBBA) introduces a range of tax changes that will impact businesses. Many provisions set to expire this year are now being extended or made permanent. Below is a snapshot of two important changes to help you with tax planning in the fourth quarter of 2025 and going forward.